Hello @dryost,
Congratulations on your recent retirement, I am looking forward to joining you in the next few years!
Once your IRA is converted to a Roth, you are correct in assuming that you will need to make an estimated tax payment in January in order to cover the additional tax liability that will be generated from the conversion. However, no additional form filing is necessary.
Simply log onto IRS Direct Pay, choose Estimated Tax as your Reason for Payment, 1040 ES for Apply Payment To and 2024 as Tax Period for Payment. You can then have your account auto debited for the amount due. The IRS does not really care what the source is for this payment, as long as they get paid 🙂
When you file your 2024 return, be sure to enter the amount of your estimated payment in the Deductions and Credits section under Estimates and Other Taxes Paid so that you receive credit for that amount on your return.
Since you will not have this income in any subsequent years, there is no need to ever make another estimated tax payment again. You can sit back and enjoy your retirement! See you on the golf course in a year or two.
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