There is nothing you can do to eliminate this taxable income from your 2020 tax return. The changes to the tax code made by the SECURE Act make such a taxable rollover irrevocable.
You might be able to establish a payment plan with the IRS if you are unable to pay the tax bill:
https://www.irs.gov/payments/payment-plans-installment-agreements
There is nothing you can do to eliminate this taxable income from your 2020 tax return. The changes to the tax code made by the SECURE Act make such a taxable rollover irrevocable.
You might be able to establish a payment plan with the IRS if you are unable to pay the tax bill:
https://www.irs.gov/payments/payment-plans-installment-agreements
You can take $30,000, or less, out of your Roth IRA to pay your tax.
After subtracting your total contributions, penalty on early withdrawal of Roth earnings is another 10%.
Contributions come out first, then earnings if any.
Put your Roth money into a Self-directed Roth IRA brokerage account.
Invest carefully.
You will come out ahead in the long run,
and you will be thanking that advisor.
If JUSTLIKEKNOT's Roth IRA(s) consist only of this converted amount and earnings, and is under age 59½, taking $30,000 out of the Roth IRA would result in a $3,000 early-distribution penalty.