I took the RMD from my inherited IRA account for the 2024 tax year. I was uncertain which withholding percentage I should choose for Federal tax. I opted for the percentage equating to my tax bracket for the 2023 tax year. My 2024 income will place me in a higher tax bracket.
If my withholding from all income sources for 2024 exceeds my 2023 tax liability, am I correct in assuming that I will not be subject to a penalty for having chosen a withholding percentage for the RMD that is less than my 2024 tax bracket?
Thanks in advance for your insights!
