So you rolled a non roth IRA to a ROTH IRA and no taxes were withheld correct ?
If so you will pay the taxes on the return when you file it ... if you will owe $1000 or more you may want to pay an estimated payment now or increase your withholding from another source like your paycheck to avoid an underpayment penalty.
The following is the general rule:
You must pay estimated tax for 2021 if both of the following apply.
- You expect to owe at least $1,000 in tax for 2021 after subtracting your withholding and tax credits.
- You expect your withholding and tax credits to be less than the smaller of:
- 90% of the tax to be shown on your 2021 tax return, or
- 100% of the tax shown on your 2020 tax return. Your 2020 tax return must cover all 12 months.
Note: If your AGI for 2020 was more than $150,000 ($75,000 if your filing status for 2021 is married filing a separate return), substitute 110% for 100% in (2b)
