Roth Conversion

[JoeLucca]

Hi,

I made a roth conversion in 2022, I want to generate a 2022 1040 ES payment vouchers from TT.  I want to avoid penalizes for underpayment of taxes. Does anyone know how to do this?

[bosso3]

I'm not sure how to do this in TurboTax, but you can manually fill out a form and mail it to the IRS.

For details on this refer to https://www.irs.gov/forms-pubs/about-form-1040-es 

This site includes a link to a Form 1099-ES  PDF.  Click that link. 

The PDF includes instructions, a calculation worksheet, tax brackets and the form itself (on pages 9-11).

Print the form, fill it out, and send the money to the correct address.

Be sure to keep a record of your payment date and amount so you remember to report this on your 2022 tax return. 

You may also want to investigate whether you want to pay estimated taxes to your State.

Lastly, next time, you can consider having taxes withheld, by your financial institution, from your conversion when you do your conversion.  This will save you the trouble of filing the 1099-ES, but it will reduce the amount converted to your Roth IRA.

[AnnetteB6 · Accepted solution]

TurboTax can help you to calculate estimated payments for 2022 and print the vouchers as well.

Here are the steps:

1. With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
2. Answer No to the question Do you want to change your W-4 withholdings for 2022?
3. Answer the questions about things like your 2022 filing status, income, and deductions.
4. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2022 1040-ES payment vouchers when you print a copy of your return later.

Can TurboTax calculate next year's federal estimated taxes?

@JoeLucca

[TomD8]

Instead of mailing checks and paper vouchers, you can make your federal estimated tax payments online here:

https://www.irs.gov/payments

If you choose the online method, be sure to designate your estimated payments as being for tax year 2022.