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Why do we have to pay a penalty for underpayment of taxes during the year if we converted $79,000 from traditional IRA > Roth late '24 + $23,000 taxable Soc Sec benefits?
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If you get a penalty on 1040 line 38, you might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.
How to add form 2210 for Underpayment Penalty
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/00/25703
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Underpayment Penalties - Click the Start or update button
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