ThomasM125
Expert Alumni

Get your taxes done using TurboTax

The simple thing to do would be to divide the $50,000 tax by four and pay in $12,500 for three quarters and $2,500 for the fourth quarter when you will have $10,000 additional tax paid in from the RMD withholding. If you are usure of the tax due for 2024, you could use the tax from 2023 multiplied by 110% and then divide by four to determine the quarterly payments.

 

However, the additional tax due on the RMD isn't due until January 15 of 2025, so you could pay in less for the first three quarters and make up the difference in the fourth quarter. If you do that, you may have to use the annualized income method to determine any penalty for late payment of tax, by filing form 2210. That is a complication you may not want to bother with when you prepare your tax return.

 

 

 

 

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