Estimated taxes for 2019

[tjjychearn]

Hi, 

When I did my 2018 taxes, I predicted the same amount of income as previous year and it did not create an estimated tax payment for me (as I would have expected).

Things changed and in December 2019, I am looking at removing $60k from my IRA ( I am over age 59.5) and not pay the tax until January 15, 2020 as an estimated tax payment. The tax payment will be approximately twice my 2019 withholdings to date or approximately $11k.

Will this strategy cause me to pay a penalty for not estimating correctly my 2019 income?

Thanks

[Seahunt 305]

same as 2018.

[Critter]

No it will not ... either the safe harbor method will save you   OR  on the return, if you have a penalty, you can complete the 2210 AI  to negate it.   What the program carefully for instructions if needed.