Roth IRA in December 2023 and owe taxes on it and in 2024?

[jabs43]

I converted money to a Roth IRA in December 2023 and owe taxes on it.

Why am I seeing form1040es for 2024 for almost the same amount that I owe from 2023?

Do I have to use the 1040es if I do not plan on doing another Roth IRA conversion?

[Bsch4477]

No. The estimated payments are calculated based on 2023 income. The program has no way of knowing what your 2024 income might be so feel free to ignore those forms or use different amounts. 

[dmertz]

By default, 2023 TurboTax assumes that your tax withholding, income, deductions and credits will be the same in 2024 and generates Forms 1040-ES based on that.  However, TurboTax allows you to change those defaults when you go through the Form W-4 and estimated tax section.

[JohnB5677]

No, You do not have to use those 1040-ES forms if you don't plan to withdraw, or convert a similar amount.

The 1040-ES is based on your information you provide for your tax return. That would include the ROTH conversion.

If you have changes you can update the form.

As an alternative you can go to the main menu.

            

1. Select Tax Tools
2. On the drop-down select Tools
3. There will be 4 green boxes
4. Select Topics Search
5. Type the form number 1040-ES
6. Continue through the questions 
7. You will come to Review your estimated taxes for 2024.
8. Select yes for Do you want to adjust your income or deductions?