I did a Roth conversion in December 2023 and made the estimated tax payment by Jan 15 2024.
Will I have to file Form 2210 to avoid a penalty as the IRS does not know when I did the Roth conversion?
I used TurboTax 2023 - home and business and entered the 1099-R I received. I entered the estimated payment I had made. I did NOT get any notice from Turbo that there may be a penalty.
I selected 'Underpayment penalties' under 'Other Tax situations' to see if there is a penalty related to my Roth conversion. I got:
"Based on your entries you don't have a penalty for underpayment of estimated taxes."
Do I still need to fill out Form 2210 and include with my return? If so, how?
I am using the desktop version of TurboTax 2023 - home and business.
Since you have Turbo Tax H&B, you can look on Form 1040 Line 38. If there is an estimated tax penalty, it would appear there. You can also complete 2210 as a precaution to see if you owe an estimated tax penalty or not.
I checked the 1040 and there is no penalty on that line.
Also,
I selected 'Underpayment penalties' under 'Other Tax situations' to see if there is a penalty related to my Roth conversion.
I got:
"Based on your entries you don't have a penalty for underpayment of estimated taxes."