KrisB-EA
Employee Tax Expert

Retirement tax questions

Hi Romoa24!

 

You're doing a great job thinking this through in advance! 

Here are a couple of resources that can help you predict what your tax outcome will be, and how to make adjustments if necessary: 

TurboTax TaxCaster (2020) 

IRS Tax withholding estimator (2021) 

 

If you find that you need to have tax withheld from your pension, and the administrator of the plan isn't able to do the withholding, you can make estimated quarterly payments directly to the IRS, using the forms shown on page 11 here:

IRS Estimated payment forms 

 

Also, if you live in a state that collects income tax and none is withheld from your pension, you might want to look on your state's tax website for instructions on how to withhold state tax, if necessary.

 

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