I want to make a Roth Conversion from a traditional IRA. I don't want to have the taxes withheld from the conversion. How do I pay the taxes from my bank account so I don't get a penalty? I'm going to do this conversion in December, so I cant go back and do quarterly payments. Can anyone help with the process? I'm 69 years old, filing jointly, living in Massachusetts.
You can make a 4th quarter only payment (both federal and state). When you have substantial income, in only the fourth quarter (e.g. in December), you may still make a 4th quarter payment (even though you did not make any of the first three quarterly payments). TurboTax will complete "annualized penalty" forms (state & federal) to submit with your returns to calculate your penalty (which should be zero, since your tax payment timing matches your income timing).
Fourth quarter payments, for 2024, are due by January 15, 2025.
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