How to best pay taxes due on a TIRA to ROTH conversion
Hello,
We are about to convert our TIRAs to ROTHs. We have been advised that we can have taxes withheld at the time of the conversion (probably about$1500 due). However, we’d rather as much go into the ROTHs as possible from the conversion and cover the taxes from our savings acct. If we don’t have anything withheld or pay at the time of conversion, we will very likely incur underpayment penalties on our taxes this year. What is the best way to handle this? Thank you!
Permalink Submitted by Mary Price on Sat, 2024-12-07 09:27
Thank you again, Alan! You have cleared up quite a bit of confusion on this process.