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Level 2

Question

Roth conversion in December.

Forum|Forum|2 years ago
April 10, 2024
1 reply
4 views

I did a Roth conversion in December 2023 and made the estimated tax payment by Jan 15 2024.

Will I have to file Form 2210 to avoid a penalty as the IRS does not know when I did the Roth conversion?

I used TurboTax 2023 - home and business and entered the 1099-R I received. I entered the estimated payment I had made. I did NOT get any notice from Turbo that there may be a penalty.

I selected 'Underpayment penalties' under 'Other Tax situations' to see if there is a penalty related to my Roth conversion. I got:

"Based on your entries you don't have a penalty for underpayment of estimated taxes."

Do I still need to fill out Form 2210 and include with my return? If so, how?

I am using the desktop version of TurboTax 2023 - home and business.

TurboTax Home & Biz Windows

Level 15

Since you have Turbo Tax H&B, you can look on Form 1040 Line 38. If there is an estimated tax penalty, it would appear there. You can also complete 2210 as a precaution to see if you owe an estimated tax penalty or not.

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dc4444Author

Level 2

I checked the 1040 and there is no penalty on that line.

Also,

I selected 'Underpayment penalties' under 'Other Tax situations' to see if there is a penalty related to my Roth conversion.

I got:

"Based on your entries you don't have a penalty for underpayment of estimated taxes."

Level 15

You must have made a good payment on Jan 15. Well done! Usually, there is no payment if you owe less than $1,000.

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