Estimated Tax required on Roth Conversions?

[Guest genea99]

I have seen conflicting information on whether or not the tax due on distributions that are Roth Conversion must be paid in estimated payments or whether the IRS gives an exception for Roth Conversion taxes and allows them to be paid at the April tax deadline without penalty.

For 1999 I have already paid estimated tax of more than my 1998 tax so I think I'm covered anyhow for 1999 - usless someone sees my as still having a problem - let me know.

And it would still be nice to know for the future if there is a definitive IRS position that excepts Roth Conversion tax liabilities from the estimated tax requirement and allows them to be delayed until 'tax time'.

My AGI won't allow me to convert again in 2000 but I plan to be able to do a substantial conversion again in 2001.

Thanks, genea99@usa.net

[BPickerCPA]

There is NO estimated tax exception for roth conversions. You will have to meet one of the exceptions including the roth conversion income.