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Level 2

Question

Roth IRA conversion

Forum|Forum|3 years ago
April 3, 2023
1 reply
4 views

1. Are the taxes due on a traditional IRA converted to a Roth IRA included in the underpayment penalty calculation?

2. I can't find detail on the Penalty/Interest calculation in TT. How do I get to see the calculation (form 2210)?

Level 15

1. The tax on the conversion is in your tax liability as the income from the conversion is on your tax return. The penalty is based on the total income vs tax paid during the year. So, yes, the conversion income is part of the penalty computation. If you did the conversion later in the year, annualizing your income may help lower the penalty.

2. To see your forms:

In desktop, switch to Forms Mode.
For online, see How do I preview my TurboTax Online return before filing?

The IRS expects to be paid when you are -so an estimated payment to the IRS would have been a good move.

See Information on Penalties

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RWM47Author

Level 2

How do I see the detail for the penalty/ interest that TT is calculating? I didn't see it in forms.

Level 15

Look for Schedule 2, Line 8 Additional tax on IRAs or other tax-favored accounts. (Form 5329) @RWM47

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