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Quarterly estimated taxes on IRA conversions to Roth Ira
We retired in 2020 with myself starting S.S. this year. We decided to start converting some of our IRA funds to Roth to reduce our upcoming RMD's. We converted 50k in March of this year and plan to convert another 250k before next tax year. Not sure on timing..if stock market falls we may convert then otherwise could be January of 2022 before we convert. However, the first conversion did not have taxes withheld as we planed to pay taxes from a cash account. Can we just pay those taxes with a single form as we convert or do we have to plan ahead and do quarterly estimated taxes based on the anticipated yearly conversion? What forms are required for this action?
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‎June 15, 2021
12:43 PM