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Just put in the paperwork to roll a tiny little traditional IRA (~$950) into my Vanguard Roth. The traditional IRA was a leftover from w 401(K) I had during a short internship while in college.
I went through with the conversion now, as the values as still depressed, reducing the taxes incurred. I made sure to NOT have the taxes taken out of the IRA during the transaction, avoiding the 10% penalty.
I have some money set aside to cover the taxes due (~$275), as I have been planning this for awhile. Is this due immediately, or when I file my taxes for 2009? I assume it's due when filing my taxes, as I'm not sure who or how I'd go about making the payment otherwise (?).
I went through with the conversion now, as the values as still depressed, reducing the taxes incurred. I made sure to NOT have the taxes taken out of the IRA during the transaction, avoiding the 10% penalty.
I have some money set aside to cover the taxes due (~$275), as I have been planning this for awhile. Is this due immediately, or when I file my taxes for 2009? I assume it's due when filing my taxes, as I'm not sure who or how I'd go about making the payment otherwise (?).