In attempting to calculate a California estimated tax payment to cover this year's Fidelity 401K RMD (for which no state tax will be withheld), I referred to the IRA RMD check I just received from Morgan Stanley. MS withheld 686.61 for federal and 103.00 for state. I calculate that the amount MS withheld for state is approx. 15% of the federal amount withheld. (I read on a financial website chart that CA state RMD tax is 10% of the federal tax.) I believe MS withholds 15% to be safe. Can it be that simple? Should my CA estimated tax payment be approximately 10 to 15% of the federal tax owed on any RMD distribution? Thanks.
