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pension withdrawal
I followed the new CARE option and withdrew $100,000. from my IRA last year. I am over 59.5 yrs.
Turbo automatically claimed 33% as taxable for 2020.
What if I want to pay tax on MORE
eg.. If I want to pay tax on $50,000 in 2020
how do I over ride the program
john
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April 6, 2021
7:53 AM
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Retirement tax questions
Your choice per the CARES act is to spread the tax in 3 equal payments or pay it all in 2020. There is a screen with a check box to pay it all in 2020.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
April 6, 2021
8:05 AM
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Retirement tax questions
You can make an 2021 estimated tax payment directly to the IRS and apply it to your 2021 tax return as tax already paid for 2021.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
April 6, 2021
8:08 AM