Hi All,
I am contemplating converting a rollover tIRA at Schwab into a Roth starting in 2020. My question concerns the tax payment. I understand some on the forum send in estimated tax payments to the IRS using form 1040ES when they make conversions.
I plan to take the tax payment from a taxable account. Do I just send in form 1040ES and estimated tax whenever I make a conversion? Is there a preferred way to time the conversions? I’m thinking quarterly conversions in the last month of each quarter and making tax payments along the way.
Thanks!
I am contemplating converting a rollover tIRA at Schwab into a Roth starting in 2020. My question concerns the tax payment. I understand some on the forum send in estimated tax payments to the IRS using form 1040ES when they make conversions.
I plan to take the tax payment from a taxable account. Do I just send in form 1040ES and estimated tax whenever I make a conversion? Is there a preferred way to time the conversions? I’m thinking quarterly conversions in the last month of each quarter and making tax payments along the way.
Thanks!
Last edited: