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Asked 11/16/2008
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How do you calculate taxes coverting 401K to Roth IRA I want to convert / rollover a 401K to a Roth IRA. How do you calculate the taxes? Are they due at time of conversion or when you file your tax return? Thank you! |
Answer 1/1 - Submitted 11/19/2008
The conversion to a Roth IRA means that the money taken out of the 401(k) ( or regular IRA) is treated as regular income in that year. The taxes are due at the time of filing. However, if there will be a big tax bill because of this, then you will be required to file quarterly estimated taxes.
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