Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
Jerry613
August 28, 2024
Question

If I do an end of year conventional IRA to Roth IRA Conversion, can I make the associated Tax Payment at the time of the conversion to avoid a late tax payment penalty?

  • August 28, 2024
  • 1 reply
  • 0 views
No text available

    1 reply

    L
    LoriLeighEA
    August 28, 2024

    Thanks for joining us today, Jerry613!

     

    Yes, you can make the associated tax payment for your conversion to avoid penalties - and I highly encourage it.

     

    This penalty specifically applies when the total tax payments made during the year fall short of either 90% of the current year’s tax that’s owed or 100% of the previous year’s tax.

     

    All your tax payments for the tax year count towards your taxes at the end of the year.

    Here is where you can make payments: Make a Payment

     

    Here is a tax calculator that can help you estimate your taxes owed: Tax Calculator

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification