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).
