This is a solid maybe. When you transition from working to drawing on your retirement income, we generally lose our largest source of periodic tax payments.
I would start by using Tax Caster and entering all your income for the year. I would then suggest withholding taxes on the IRA and the 401(k), though a majority of 401(k) plans withhold taxes, if you see that you are going to be in an owe position. The form used to accomplish this is the Form W-4P
Best of luck in your transition @JRretires
All the best,
Marc T.
TurboTax Live Tax Expert
27 Years of Experience Helping Clients
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