How to pay taxes on a Roth IRA conversion on my Massachusetts return?

[wchowe]

I want to make a Roth Conversion from a traditional IRA. I don't want to have the taxes withheld from the conversion. How do I pay the taxes from my bank account so I don't get a penalty? I'm going to do this conversion in December, so I cant go back and do quarterly payments. Can anyone help with the process? I'm 69 years old, filing jointly, living in Massachusetts. 

[Hal_Al · Accepted solution]

You can make a 4th quarter only payment (both federal and state).  When you have substantial income, in only the fourth quarter (e.g. in December), you may still make a 4th quarter  payment (even though you did not make any of the first three quarterly payments).  TurboTax will complete  "annualized penalty" forms (state & federal) to submit with your returns to calculate your penalty (which should be zero, since your tax payment timing matches your income timing).

Fourth quarter payments, for 2024, are due by January 15, 2025. 

[wchowe]

Does TT complete form 2210 and include it with my return??

[Hal_Al]

Q. Does TT complete form 2210 and include it with my return?

A. Yes. But, TT will give you the option of not including form 2210.