How do I arrange for my taxes to be paid via my financial advisor?
My financial advisor informed me that he can arrange to get my taxes paid for me from my IRA. How would I go about this?
03255
3 Replies
VolvoGirl
Level 15
Apr 1, 2025 2:52:45 PM
You need to ask him how. If you take a distribution from your IRA it is taxable and a 10% Early Withdrawal Penalty if you are under 59 1/2. Does he mean pay your total tax due? Or the tax withholding if you take a IRA distribution?
DaveF1006
Expert Alumni
Apr 1, 2025 2:57:51 PM
I think your financial advisor may have been thinking about selling off some of your stocks for a loss to reduce your taxable income for the year to lessen your tax burden. You may need to check with him for more specifics.
fanfare
Level 15
Apr 1, 2025 6:11:07 PM
You'd better get the exact details and understand what is proposed,
My brother-in-low was promised tax efficiency on a recommended strategy. He ended up paying an addtional $14,000 to the IRS and State just yesterday. He's not a happy camper.