SusanC6
Employee Tax Expert

Get your taxes done using TurboTax

For the first item, it is unclear as to why you need want to change your withholdings or have additional withholding taken out for 2024.  It appears from your comments that you have enough tax withheld from the retirement income and additional misc income to cover any tax liability.

 

In regards to the sum you will be receiving from your mother's estate, the amount may or maynot be taxable to you.  It will depend on the nature of the distribution.  Generally, beneficiaries do not pay income tax on money or property they inherit.  There are exceptions for retirement accounts, life insurance proceeds and savings bond interest.

 

For the purchase of a vehicle, If you withdraw funds from a Traditional IRA and you have no basis, the withdrawal would be taxable.  If you had basis in the Traditional IRA, only a portion of the withdrawal would be taxable.  If the withdrawal was from a Roth IRA, such withdrawals are typically not taxable if you are over 59 1/2 years old and the account has been open for more than 5 years.

 

If you were to obtain a car loan for the purchase of the vehicle, the interest would not be deductible as an itemized deduction.  

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