No, you are not required to do anything, however, to avoid an under-withholding penalty and a large tax liability next year (based on next year's projected income and expenses) you can choose to either: 

• Change your federal and state withholding on your Form W-2's, Form 1099-R's, and Form SSA-1099's.
• Pay quarterly income taxes.
• Or any combination of both (withholdings and estimated tax payments).