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Retirement tax questions
@Charlie Mak - you converted what you instructed the Bank to convert - the $10,000 per your post.
then you paid the tax to the IRS OUTSIDE the IRA with after tax money. this is NOT part of the IRA conversion.
You will receive a 1099-R for the $10,000 from the Bank in early 2024. That has to get reported on your tax return.
You will also want to report the estimated payment of $2,000 on your tax return.
it's rather simple
‎October 11, 2023
8:06 AM