I'm 62 years old, semi-retired, and planning to withdraw $2,500 from my 401k every month. When I checked it, I have to pay about $693 in estimated taxes (federal 20%, state 7.75%), so my net would be around $1,806.
So, this is my question: is it mandatory for my investment company to withhold this taxable amount when I withdraw it, or can I withhold the taxes until I file the tax returns next year?
