I am trying to use form 1040-ES to calculate whether I need to pay estimated taxes on a Roth conversion of about $1600 that I did in late April 2024.
I only worked a few months this year and I have a charitable carryover that keeps me in the 10% tax bracket.
Could the taxes that my employer took out of my paycheck cover the tax for the Roth conversion so that I wouldn't need to make a tax payment specifically for the Roth?
Or, should I pay the IRS about $160 for the Roth conversion --- even if it's an overpayment --- in order to avoid any further penalty?
Thank you!
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With so little tax liability at stake you don’t have to worry about any penalty for under withholding.
Did they take any withholding out of the Roth conversion? That will help cover any tax.
Thank you!
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