Tax for Roth Conversion in Oct 2023 – was I supposed to do estimated payments?
I am retired, over 65 years old with no earned income, not collecting Social Security yet (waiting for age 70). I’ve been withdrawing from my 403b and 401a for expenses and did a couple of rollovers from 403b to a Roth in 2023.
I’ve been reading that I can pay at tax filing in 2024 and then other articles say an estimated tax payment needed to be paid with quarterly payments in 2023 or paid in full.
It is too late now for 2023 if I should have done estimated payments by Jan 16, 2024 for the 2023 rollover Roth Conversions, but for future, can I pay at filing in 2025 for a Feb 2024 Roth Conversion I just completed or make 1st quarter estimated payment by Apr 16 2024 or pay in full.
If I pay the IRS online, how do they know which payment is for which year? I’ve never had to pay IRS before and don’t know if the online payment system asks for which year the payment is for or is it best to send a check and add memo for the year payment?
Thank you for any help on this.
Bella
Permalink Submitted by David Mertz on Tue, 2024-02-06 13:21
Permalink Submitted by GiGi on Tue, 2024-02-06 19:44
Thank you for all this information.Bella