I need to generate a $7.5k tax liability for next year in order to get a $7.5k tax credit for an electric car we purchased in 2021 (See IRS Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit). In order to generate the tax liability I was going to take an RMD from one of my standard IRA accounts.
I need to 1) estimate how much of an RMD I need to withdraw to generate the $7.5k tax liability and 2) I need to figure out what my quarterly estimated taxes will be given that I will be taking out an RMD. I'm retired, but under 70 1/2, and have never taken an RMD before; so figuring out tax liability for next year without ever having had a 1099-R to enter is new to me.
I will be making the RMD withdrawal this year. Once I determine how much the withdrawal should be, any suggestions for how to enter this RMD withdrawal into TurboTax to view what my estimated tax payments would be, would be appreciated.
