Hi,
In 2025 I am planning to start converting some of my traditional IRA money to a Roth IRA. I am still working and I'm younger than 59.5 so I was planning on having extra money withheld from my paychecks throughout the year to cover the conversion taxes. My understanding is that I can do this instead of paying estimated quarterly taxes.
My questions are-
1) Am I correct in how I am planning to pay taxes?
2) Can I do the conversion in January and gradually pay the taxes throughout the year?
Thank you for the help!
In 2025 I am planning to start converting some of my traditional IRA money to a Roth IRA. I am still working and I'm younger than 59.5 so I was planning on having extra money withheld from my paychecks throughout the year to cover the conversion taxes. My understanding is that I can do this instead of paying estimated quarterly taxes.
My questions are-
1) Am I correct in how I am planning to pay taxes?
2) Can I do the conversion in January and gradually pay the taxes throughout the year?
Thank you for the help!
Statistics: Posted by blearning — Sun Dec 15, 2024 9:50 am — Replies 2 — Views 115