If I do an end of year conventional IRA to Roth IRA Conversion, can I make the associated Tax Payment at the time of the conversion to avoid a late tax payment penalty?

[LoriLeighEA]

Thanks for joining us today, Jerry613!

Yes, you can make the associated tax payment for your conversion to avoid penalties - and I highly encourage it.

This penalty specifically applies when the total tax payments made during the year fall short of either 90% of the current year’s tax that’s owed or 100% of the previous year’s tax.

All your tax payments for the tax year count towards your taxes at the end of the year.

Here is where you can make payments: Make a Payment

Here is a tax calculator that can help you estimate your taxes owed: Tax Calculator