☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Dec 4, 2023 2:12:52 PM

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.

0 2 344
1 Best answer
Level 15
Dec 4, 2023 2:52:44 PM

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.  

2 Replies
Level 15
Dec 4, 2023 2:52:44 PM

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.  

Level 15
Dec 4, 2023 5:31:57 PM

"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.