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Retirement tax questions
It is likely that you will need to pay taxes on the distribution, depending on the amount and your filing status.
You can either:
- request your broker to withhold taxes from the distribution and pay the amounts over to the IRS and state, or
- you can just make the quarterly payments to the IRS (use Form 1040-ES) and the state
It is much easier for the broker to withhold a percentage of the distribution.
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‎July 15, 2021
4:34 PM
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