if I just did a roth conversion do I have to pay an estimated tax and if so when
Thank you to all those who participate in the forum. Your responses are very helpful !!!
if I just did a Roth conversion on 3/27/20 do I have to pay an estimated tax? and if so when do I need to make the payment?
Permalink Submitted by Alan - IRA critic on Tue, 2020-03-31 01:13
You may be able to meet your safe harbor tax payments by withholding from any income source at anytime during the year, or if you pay by estimates, the first quarter payment is due 7/15/2020, the second quarter is due 6/15/2020 (likely to also be amended to 7/15) and the last two quarters on the usual due dates for those payments. For your safe harbor, you can select from the lowest of 90% of your 2020 tax liability or 100/110% of your 2019 tax liability.