Roth Taxes
are the taxes on Roth convesrions paid on 2011 and 2012 taxes? Meaning no taxes until April 2012?
also, is the Roth conversion income limit eliminated forever going forward or just this year?
are the taxes on Roth convesrions paid on 2011 and 2012 taxes? Meaning no taxes until April 2012?
also, is the Roth conversion income limit eliminated forever going forward or just this year?
Permalink Submitted by Alan Spross on Mon, 2010-02-22 18:43
2010 Roth conversion income can be reported equally in 2011 and 2012. While the first taxes are therefore due in April, 2012 you have to be careful to avoid an underpayment penalty for those years. Meeting one of the safe harbors will avoid that, eg pay in 100% (or 110%) of your 2010 tax liability in 2011, etc.
The income limit disappears for all years after 2009.