During this last week, we converted a portion of a traditional IRA to a Roth IRA. This conversion causes us to owe taxes. However, since this happened in the 4th quarter of 2012, if I pay the additional taxes by 15 January, I continue to be current?Maybe. Maybe you don't have to pay anything in advance to avoid a penalty. Maybe you have to file an annualized income statement with your return to avoid a penalty.Rather than rewrite the book on how to avoid the ES penalty (there are multiple ways), I'll just refer all to Pub 505.PhilRule Your Retirement Home Fool
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra