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Retirement tax questions
Yes, you should be putting aside money for taxes. Egg donation is considered taxable income. The percent that you are taxed at has to do with your income bracket. Here is a TurboTax calculator to help you figure that out.
If you prefer not to wait until next year to pay the tax, if you are employed you can increase your withholding on your current salary by at least 10%. Alternatively, you can pay estimated taxes in the amount of $5000 times your current tax bracket to avoid an underpayment penalty when you file your tax return. Here is how to pay estimated taxes directly to the IRS: https://www.irs.gov/payments/direct-pay
‎April 1, 2021
10:31 AM