topic Roth Conversion Estimated Taxes in After you file

Roth Conversion Estimated Taxes

abp1p — Tue, 19 Mar 2024 19:08:06 GMT

After filing my 2023 taxes with TurboTax, I performed a 50K Roth conversion in Q1 of 2024. Can I use TurboTax to calculate, based on my 2023 return, if i need to pay estimated tax and if so, can I file the 1040-es through the TurboTax software?

Re: Roth Conversion Estimated Taxes

fanfare — Wed, 20 Mar 2024 02:49:54 GMT

The best way to pay Estimated tax is the IRS.gov "make a payment" page

eftps.gov

@abp1p

Re: Roth Conversion Estimated Taxes

JohnB5677 — Thu, 21 Mar 2024 15:56:17 GMT

Yes, you can use TurboTax to calculate your estimated taxes.

You will resave a 1099-R for the conversion. If you get it for your 2024 taxes next year it will be included on the 2024 taxes.

Yes, you should prepare and pay the estimated taxes associated with the conversion.

I would suggest that you include the "$50K' as other income on the 2024 estimates.

As an alternative you can go to the main menu.

Open Tax Tools

On the drop-down select Tools
There will be 4 green boxes
Select Topics Search
Type the Estimated taxes paid for next year
The first screen will be Enter Your 2024 W-2 Wage Information
Answer the questions and enter amount.
You will come to Enter 2024 Other Income
Enter the $50K here
Continue to the end of the interview.
You can print the 1040-ES forms when you file.

The 2024 estimated tax payments are due:

January 1 – March 31, 2024 April 15, 2024

April 1 – May 31, 2024 June 17, 2024

June 1 – August 31, 2024 September 16, 2024

September 1 – December 31, 2024 January 15, 20251

You can mail the individual payments, or

As @fanfare suggested, Use an IRS website.

Re: Roth Conversion Estimated Taxes

abp1p — Mon, 08 Apr 2024 20:43:30 GMT

Thanks for the reply. I'm still not following.

I opened my 2023 return that has already been submitted and click on tools in the top banner, but there are no green boxes. The drop down has My tax data, Final review, Topic List, attachments, calculator, tax summary, Tax history, order history. I click on 'Topic List' but the closest item to what you suggested is 'Estimated and Other Taxes Paid', but that's for 2023 which I already filed. I don't see an option for estimated tax for next year 2024.

I suppose I can go to the IRS page and just pay it using a 1040-ES , but I'd like TurboTax to have it in my laptop record so it automatically includes it in my next year's filing.

Re: Roth Conversion Estimated Taxes

DaveF1006 — Thu, 11 Apr 2024 23:28:40 GMT

No, you don't need to go to the IRS. Here are the steps to report your estimated tax payments.

Go to federal
Other Tax Situations
Other Tax Forms
W4 and estimated Taxes

Once complete, your 1040 ES will be generated along with the tax vouchers for all four quarters.

@abp1p