r/tax•
Big-Jury-3901

Tax Advice Desperately Needed for 2024 :(

I file taxes myself every year, but this year I owe so much - almost $11,000! :( this has never happened before and it's bringing me so much stress. fortunately, I have some money saved up, but I just want to make sure I'm filing correctly and not overpaying.

I have a standard W2 (boxes below):

  1. $277,673 2) $54,666 3) $168,600 4) $10,453 5) $287,049 6) $4,495

I don't make as much as it looks - a handful of my RSUs vested this year. I did not sell any stocks. other than this, I have a 1099-DIV, which is minimal.

I also opened a CD in 2024, which in hindsight was a mistake because it looks like I have to pay ~$2K interest on it due to my income bracket (1099-INT Box 1) $3,955)

lastly, I was told a couple years ago that I should convert my Traditional IRA back to my Roth IRA. I finally got around to doing so, but I am now told I should've done it immediately. I initially re-characterized from my Roth IRA to a tIRA because I contributed before knowing I would exceed the income limit. I'm told that  as long as I did not take a tax deduction from the contribution the transfer itself is non-taxable. how do I go about this? The total amount that was transferred exceeds an annual limit of $7,000, which I was told means there's capital gains that would result in some tax liability. (1099-R Box 1 $7,699).

I know we are up against the tax deadline (note to self: I'll file earlier starting 2026). for this year, should I request an extension and file with a CPA?

I'm learning as I go, and I'll take any advice. please be nice :(

Posted Apr 9, 2025, 8:28 PM UTC

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