Retirement tax questions


What is your 2023 tax ? do you have withholding taken in 2024?
If your total 2024 withholding alone is 100 % of that amount ( 110% if your 2023 AGI is over $150,000),

You don't need to make estimated tax payments. This is the prior year's tax rule.

 

If you got a 2023 refund this year and 2024 earnings are comparable then your 2024 withholding may already meet the prior year's tax rule

 

 One possible action is to make sure your withholding instruction to custodian on IRA distribution specifies the needed withholding to satisfy the rule.

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meanwhile Estimated Tax payments may be prudent to ensure meeting your Tax Day obligation.

 

@bextel