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How much penalty do I have to pay for my Roth IRA conversion when doing tax filing?
Hi, I just did a Roth IRA backdoor conversion in Jan. 2023 after I changed job. I have a normal paycheck tax withheld every month now. How much penalty will incur when I file the tax return and pay the additional tax (I will probably owe $21K federal and $5K MA income tax for this conversion) in April 2024? How can I avoid this late payment penalty?
May 4, 2023
6:26 PM