Since the income time that created the problem is in their Q4, if you annualize (IRA speak for breaking down your income into their quarters), most if not all of the problem will be in Q4, which you covered with your Q4 estimated tax payment in January. So it is entirely possible the TT got it right.As an aside, got into this mess because of a very large Roth conversion in December 2023.
We are in the post retirement pre RMD period and are filling the brackets that begin with a 2 with Roth conversions. I have had some large Q4 conversions that initially showed a significant penalty that went away once I “annualized” income and tax payments. I hope that works for you.
Statistics: Posted by CuriousGeorgeTx — Sun Apr 07, 2024 2:08 pm — Replies 9 — Views 528