Estimated taxes for Roth IRA Conversion

Forum|Forum|5 years ago
October 25, 2020
1 reply
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This Fall 2020, I converted a portion of my Traditional IRA to a Roth IRA. I did not withhold any taxes when I converted the money to a Roth. I know I need to pay taxes on it. Can I use the 1040ES to make an estimated tax payment to the IRS for the income from the IRA conversion? I work a regular job that has normal federal withholding, I am not self-employed, and this Roth conversion from my Traditional IRA was just a one-time deal.

macuser_22

Yes, and you should to avoid an underpayment penalty. You would want to use for 2210 to show that your income was uneven during the year.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**