Contact UsNeed to make advance quarterly tax payments or simply pay incremental tax at the time of the Roth conversion?
I plan to make a 2018 Roth conversion for approximately $70,000 in October; I will owe an additional $22,000 in federal and state taxes ( over and above what I currently have withheld in my pension check. I am retired)
As I did a Roth conversion similarly last year For the first time, The taxes for 2018 will be similar to last year.
As my current withholding is far insufficient to cover the Roth conversion associated taxes and my amount withheld is also substantially lower than my last year’s tax liability - Do I need to pay quarterly my 1/4 of the estimated incremental tax liability each qtr ? Or can I just make my tax payment online to federal and state at the time I do my Roth conversion? Want to of course avoid any penalties, etc. Thanks, Bob
As I did a Roth conversion similarly last year For the first time, The taxes for 2018 will be similar to last year.
As my current withholding is far insufficient to cover the Roth conversion associated taxes and my amount withheld is also substantially lower than my last year’s tax liability - Do I need to pay quarterly my 1/4 of the estimated incremental tax liability each qtr ? Or can I just make my tax payment online to federal and state at the time I do my Roth conversion? Want to of course avoid any penalties, etc. Thanks, Bob
