Testing Roth Conversion result in Tax Planner

BK
BK Quicken Windows Subscription Member ✭✭✭✭
edited October 20 in Budgeting and Planning Tools (Windows)

I would like to perform a quick test of a future Roth Conversion. The objective is to see the approximate projected impact on my tax liability.

I have read and aware of the less-than-ideal Roth Conversion steps in Quicken. So instead of going thru those many hoops in my registers, would the end result be the same if I manually enter the amount in the Tax Planner > Other Income > Taxable IRA/Pension Distributions?

My testing of both methods show the same result but I'd like to know from the experts if I am missing something. TIA (R62.16)

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- Q Win Deluxe user since 2010, US Subscription
- I don't use Cloud Sync, Mobile & Web, Bill Pay/Mgr

Best Answer

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    @BK

    I think your test should work, assuming you don't have any other IRA or pension income and no taxes are withheld from the conversion. If taxes are withheld from the conversion, you would enter the gross amount where you have indicated and the withholding on the Withholding page.

    QWin Premier subscription

Answers

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    @BK

    I think your test should work, assuming you don't have any other IRA or pension income and no taxes are withheld from the conversion. If taxes are withheld from the conversion, you would enter the gross amount where you have indicated and the withholding on the Withholding page.

    QWin Premier subscription
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