The 60 day rule applies to a rollover/conversion where the first trustee sends a physical check to you for the rollover/conversion then you deliver the check to the 2nd trustee.
Nothing is being sent to you and you do not want anything sent to you. On the “old boards” a person with a small 401K was told they would only do that dollar amount by check, not Trustee-to-Trustee. The check was lost and it took over 4 months to get a replacement check to him and he had to deal with the IRS, documenting the delays in getting the rollover completed.
If you do a Trustee-to-Trustee transfer, you can do multiple conversions in a year if you chose to. The one-per-year applies ONLY to having the check mailed to you.
Unless you have a specific reason to convert the entire IRA, you can do partial conversions. I did one or more Roth conversions every year starting in 2010 and did my final conversion in January this year.
Another thing about this statement is it will be to your existing Roth IRA, not a “different” one. If you open a second account, it is simply an extension of your existing Roth IRA. While a 5 year clock will apply to the conversion amount the account will not have a clock on it unless your original Roth IRA is less than 5 years old.
If you want to do the tax payment the easy way, setup an account on the IRS site:
You just login to the site, fill out an ES form with the amount and date, print a copy of the form for your records/accountant/tax preparer and you are done. On the date you set, the IRS will grab that amount from the account you specify and it is all handled.
I use this for quarterly submissions and for one time payments. I have 2 PIN’s setup, one for our savings account and the other for checking, depending on where I put the cash.
This is an invalid question since you can’t do what you were asking.
However for clarity, any money that is put into a retirement account of any kind from the “taxable world” is considered a contribution and must follow the applicable rules.
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