I am a 67-year old recent retiree, not self-employed. I have never needed to do an estimated quarterly filing before. I plan to do a $125,000 Roth conversion in the fourth quarter. My intent at this point is to pay the tax due on the conversion using my brokerage account (rather than having it deducted from my traditional IRA balance at the time of conversion).
Will I need to file a quarterly return in January?
Can I pay the IRS online at the time of conversion, and will this obviate the need to file a quarterly return?
If not, will this require me to file quarterly going forward?
Should I reconsider my source for the tax that will be due on the conversion?
Thanks!
