topic Rollover and Pretax payments. in Retirement tax questions

Rollover and Pretax payments.

oblacksc — Mon, 17 Mar 2025 18:47:02 GMT

I filed my taxes and owed a large amount due to a direct rollover from Taxable TSP to a Roth IRA. Now since it was on a 1099R it is counted as taxable income. Therefore my earned income for the year was way higher than normal. My question is Turbo Tax has estimated tax payment schedule for me for 2025. However, if i am not rolling over taxes in 2025 do I really have to make those payments?

Re: Rollover and Pretax payments.

MinhT1 — Mon, 17 Mar 2025 20:30:28 GMT

If in 2025 you do not have this kind of one-off rollover like in 2024, and your tax due in 2025 is already covered by taxes withheld (from payroll for example), then you are not required to make estimated tax payments in 2025.

[Edited 03/17/2025 1:27 PM PDT] (edited to add and emphasize that this should have read NOT)

@oblacksc

Re: Rollover and Pretax payments.

oblacksc — Mon, 17 Mar 2025 18:56:32 GMT

So I have to pay regardless. Ok Thanks

Re: Rollover and Pretax payments.

DawnC — Mon, 17 Mar 2025 19:00:23 GMT

No, you don't. I think Minh left out the word ''not'' in his reply. Please see - Why did 1040-ES vouchers print?

Re: Rollover and Pretax payments.

VolvoGirl — Mon, 17 Mar 2025 19:02:02 GMT

No, she left out an important word NOT!

They are optional to pay. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution or had a large capital gain. They are just a suggestion. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.

Re: Rollover and Pretax payments.

oblacksc — Mon, 17 Mar 2025 19:05:40 GMT

Ok, I was thinking that. Thanks

Re: Rollover and Pretax payments.

oblacksc — Mon, 17 Mar 2025 21:59:08 GMT

Okay thanks makes sense. I was wondering that. Otherwise they would just owe it all back. If I do make a direct rollover again, I will be sure to send in a payment. Appreciate it.

Stuart