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mmueller1960
Returning Member

Roth conversion and safe harbor rules

If I make a Roth conversion in 2023 and have had more than 110% of my 2022 tax liability withheld from my pay checks in 2023, am I safely covered by the safe harbor rules, or is there still the possibility for a penalty? I am a salaried employee only, and do not make any other estimated tax payments.

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1 Best answer

Accepted Solutions
Critter-3
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Roth conversion and safe harbor rules

The use of the safe harbor rule will save you from an underpayment penalty that is what it is designed to do  even if you owe taxes on the filed tax return.  

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2 Replies
Critter-3
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Roth conversion and safe harbor rules

The use of the safe harbor rule will save you from an underpayment penalty that is what it is designed to do  even if you owe taxes on the filed tax return.  

dmertz
Level 15

Roth conversion and safe harbor rules

"If I make a Roth conversion in 2023 and have had more than 110% of my 2022 tax liability withheld from my pay checks in 2023, am I safely covered by the safe harbor rules,"

 

Yes.

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