Quote:
Originally Posted by lewdog
I'm thinking of doing a ROTH conversion in my wife's IRA account. It's roughly $20k so I'd have to pay taxes on it. Still seems worth it right and would I have to pay estimated taxes on that or can I just roll it into next year's taxes?
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20K would likely expose you to an underpayment penalty.
I don’t know what the fee structure looks like, but usually the most cash flow effective thing to do is make an estimate in January. The easiest thing to do is have the rolling company withhold some on the roll.
The simplest thing to do is pay the penalty. I don’t know what that looks like though. The ones the software calculated for me have been pretty little. But I know you’re a cheap ass so I’d probably make an estimate.