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Necessary to prepay tax to IRS for a 70K Roth Conversion I did in Feb 2017? Married. AGI in 2016: 91K - Fed tax: $6,200 $3K refund from $9,200 withheld. 2017 Withholding from pension is about same.
My financial guy believes as long as my 2017 withholding (from a pension) is equal to or higher than my 2016 tax - then it is not necessary to send in any estimated taxes. Want to confirm that - he is not a CPA - last thing I need is a surprise. Thanks
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Thanks John. So just to confirm, since last year I did not do any Roth conversions and only made 90,000, - my fed tax was about $6000; So with my current withholding from my pension being about $9000 - it meets the number 2 above - right.? So basically I can wait till early next year when I do my return to pay the extra $15,000 or so in federal tax ?Thanks, Bob.Reply 41 weeks ago