Help. Age 69 with pension and supporting IRA of about $125K. Overall tax novice but long time Turbotax user. Need cash upfront and trying to decide if it is better to withhold Fed and state taxes upon IRA distribution or wait until we file next year to pay what we are owed. This distribution would just about double our income. What is the best way to move money out of the IRA as quickly as we can without falling into a tax problem hole. Worried about penalties (if any), AMT, over estimating withholding (percentages based on our turbotax generated rate from last year)- basically everything.
Trying to get input on recommendations for what to do to help me work through this. Thanks
