Hi there,
I am looking to covert my 401K to Roth 401k in the next few days before 2022 ends. I have tax withholding in ny paycheck throughout the year. Do I need to pay the Roth Conversion Tax via Estimated Tax for Q4 before end of 2022 (or Jan. 15, 2023), or can I pay the Roth Conversion tax when I file my tax return by April 15, 2023 without a penalty? If IRS give me a underpayment penalty, what is the %? Could you please point me to the IRS publications/rule regarding the timing of paying Roth Conversion Tax. I saw some people said the Tax has to be paid by Q4 2022, while others said by Tax filing deadline of 4/15/2023.
I tried to call IRS but couldn't get through. Urgently need an accurate answer, so I can do my Roth Conversion in the next day or two.
Thanks a lot for your help!
Virginia
