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rdh
Level 3

Estimated taxes for Roth IRA Conversion

This Fall 2020, I converted a portion of my Traditional IRA to a Roth IRA.  I did not withhold any taxes when I converted the money to a Roth.  I know I need to pay taxes on it.  Can I use the 1040ES to make an estimated tax payment to the IRS for the income from the IRA conversion?  I work a regular job that has normal federal withholding, I am not self-employed, and this Roth conversion from my Traditional IRA was just a one-time deal.

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1 Reply

Estimated taxes for Roth IRA Conversion

Yes, and you should to avoid an underpayment penalty.  You would want to use for 2210 to show that your income was uneven during the year.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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