After converting traditional IRA to Roth IRA and selecting 0 dollar tax withheld, how and when to pay tax using saving's money to avoid penalty at tax filing season?
After converting traditional IRA to Roth IRA and selecting 0 dollar tax withheld, how and when to pay tax using saving's money to avoid penalty at tax filing season?
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1 Replies
Ruth C-L
Employee Tax Expert
Oct 25, 2023 3:56:45 PM
I recommend calculating the estimated taxes based on your last year's marginal tax rate (highest tax rate calculated) and making the estimated tax payment via IRS Direct Pay: https://www.irs.gov/payments/direct-pay
Depending on your state, you may or may not want to make a state estimated tax payment.