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Roth conversion in 2010?
Did you do a roth conversion in 2010? If yes, the default tax election on that conversion involved paying half of the taxes due on the conversion with your 2011 return and the other half with your 2012 return. That means that the first tax "installment" is due by April 17th. You won't receive any reminders to declare the conversion and pay the tax so you have to remember to properly account for it. Failure to do so could result in penalties.
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ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as
budgeting, managing debt, and retirement planning.
About the contributors
Andrew Chan is the
founder of Integrative
Financial Advisors in Framingham. He provides comprehensive
financial planning advice and investment management services. He has
been an adviser for over 12 years and works with clients to integrate
all aspects of their finances including investments, retirement,
education funding, and tax planning.
Cheryl Costa is a principal at Forteris Wealth Management which is an independent, fee-only firm with offices in Framingham and Purchase, NY. She advises clients on investing, education funding, taxes and retirement planning. She has a BS from Worcester Polytechnic Institute and an MBA from Boston University and she is a Certified Financial Planner.
Jamie Downey has been an
accountant for more than 14 years. He's a partner at Downey & Co. in
Braintree. Prior to joining the firm, he served as a manager in the
audit department of accounting firm KPMG.
