I just withdrew a total of $104,772.95 from my NEW YORK LIFE PREMIER PLUS II IRA (includes $4,772.95 surrender charge to net $100,000). Of that amount, $64,799.19 is for tuition and other authorized expenses for my MBA (not including travel, meals and lodging per the IRS website). So, that amount is not taxable, but the remaining $39,973.76 is. I know I'll receive a 1099 for my 2021 taxes, but how do I let the IRS know that I should only be taxed for the remaining balance? Can I pre-pay state (5%) and federal (10%) taxes and submit that? Thanks for any assistance.
