401k Rollover

[user17611539848]

I am newly retired federal employee at 57, last May.  Roll overed about 90% of my 401k to an IRA account in July.  I have not begun to receive my OPM retirement annuities/pension nor am I receiving distributions.  How do I setup tax withholdings (federal and MD state) on the dividends earned from my IRA account as income and also from my pension when those distributions begin properly?  Currently, I am living off of my savings.  So the last earned income received was June.  I'm trying to prevent sticker shock during tax season if or when i do owe.  I've heard horror stories from so many who owed in the teens of thousands due to retirement.  

[dev145]

You do not need to report and pay any estimated taxes until the year you start getting pension or start withdrawing  money from retirement accounts. You do not need to report any dividends or interest income from any retirement account withdrawals either. When you withdraw money from retirement accounts, most of the time, the company will withhold some taxes. You can use form W4-P to let payers know how much you would like them to withhold from your retirement distribution. Once you start withdrawing, every year during Jan, you will receive form 1099-R from payers that will have total gross distribution, taxable distribution and taxes withheld along with other information. You report this information on your tax return along with all other income and deductions. You will not receive a separate interest or dividend form since retirement distributions are taxes on the total amount distributed.

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