I have file my income already. I am planning on rolling over funds from a traditional IRA into an existing Roth IRA. This will increase my tax liability. How do I pay the taxes ?

[MichaelL1 · Accepted solution]

If you do a rollover to a Roth, it is reported on a 1099R for the year it takes place.

So if you do it now, it is taxed for the 2017 tax year.

Look at the taxable income on the 2016 return and I will send you a link to the tax charts for 2017.  This way you can figure the approx. tax impact for 2017.  Only do what you can afford to rollover and pay the taxes on.

http://www.savingtoinvest.com/federal-irs-tax-brackets-tax-rates-and-other-tax-updates/