Estimated tax alternative

Forum|Forum|4 years ago
February 18, 2022
1 reply
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I am a retired federal employee with invested savings. This year I had a lot of capitol gains, resulting in a high tax bill and a penalty. TurboTax is suggesting that I pay estimated taxes to prevent this from happening next year. Can I submit a form or somehow increase the amount that is withheld from my pension check each month? I'd rather do that instead of deal with quarterly estimated tax payments. Can I do this through TurboTax?

Best answer by SteamTrain

TTX Cannot do that for you, but if you have an OPM account, you can apparently arrange it online, or on the phone (assuming it is being handled thru OPM):

See "How do I change my voluntary withholdings?"

Retirement FAQs (opm.gov)

SteamTrainAnswer

Level 15

TTX Cannot do that for you, but if you have an OPM account, you can apparently arrange it online, or on the phone (assuming it is being handled thru OPM):

See "How do I change my voluntary withholdings?"

Retirement FAQs (opm.gov)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*