I made a partial in-plan in Dec 2023. I understand the conversion amount will be taxable and I need to pay Federal and NJ estimated taxes by Jan 15 2024 to avoid underpayment penalty. I have not yet received the 1099-R form. Please advise how to pay Federal and NJ Estimated taxes. And how should I later enter them in TurboTax?
@TGT66 There is not a problem with paying estimated taxes for tax year 2023 online using the IRS website for federal and the NJ website for state. Fourth quarter 2023 estimated taxes have to be paid on or before January 16, 2024.
To enter, edit or delete estimated taxes paid (Federal, State, Local) -
Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Estimates and Other Taxes Paid
On Estimates, click on the start or update button
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