topic Should I make estimated tax payments in 2023? in Get your taxes done using TurboTax

Should I make estimated tax payments in 2023?

Insagn — Tue, 24 Feb 2026 07:01:27 GMT

I currently will not owe any taxes in 2023. However I do have Solar energy tax credits left over from last year and in order to use them I will need to create taxable income. Last year I converted money from my Traditional IRA to my Roth IRA. The taxes generated were paid by part of my solar energy tax credit and the estimated tax payments that I made were refunded. If I do not make any estimated payments this year and do a Roth conversion using my solar energy tax credits to pay my 2023 taxes, will not having made any estimated taxes in 2023 cause me problems with the IRS? I made estimated tax payments last year (before I purchased the solar electric system late in the year) because I planned to make a Roth conversion prior to purchasing the solar electric system.

Re: Should I make estimated tax payments in 2023?

fanfare — Thu, 31 Aug 2023 23:40:07 GMT

If your total 2023 tax will be less than $1,000, then estimated tax payments are not required.

@Insagn

Re: Should I make estimated tax payments in 2023?

NCperson — Thu, 31 Aug 2023 23:49:45 GMT

@Insagn and that $1000 is net of the tax credits.

so for example, if the tax generated from the Roth conversions is $3,000 but the unused solar credits are $2500, no requirement to pay estimated taxes as the tax is under $1000.