I converted monies from a traditional IRA to a Roth IRA but did not have taxes withheld. I directly paid both the federal tax and state tax, and can show both on my return, but my state (Michigan) filing in TurboTax is now requiring a quarterly tax to be paid in 2024, even though we are getting a refund. Why?
No, filing and paying estimated taxes is voluntary, but TurboTax will try to help you avoid penalties by suggesting estimated taxes based on the current tax return.
In general, you must make estimated income tax payments if you expect to owe more than $500 when you file your 2024 MI-1040 return. But you don't need to make those payments if you expect your 2024 withholding to be at least:
This extra income in 2023 will increase the required payment under the second and third calculation.
The bottom line is that if you are confident you will owe less than $500 when you file your 2024 tax return, or that 90% of your 2024 tax will be covered by your state tax withheld, you don't need to make those estimated payments.
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