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Retirement tax questions
A good way to do that would be to amend your 2024 tax return by adding the distribution from your IRA. You will see what the change is to your tax and you can use that to predict the affect on your tax in the next year. Once you are done, you can cancel the amended return and your return will revert back to it's original state.
Another option would be to visit the Other Tax Situations tab in TurboTax and use the Form W-4 and Estimated Taxes routine under Other Tax Forms to see what your estimated taxes are when you add the additional income. They approximate the tax you will owe on the additional income, assuming you didn't get a large refund or owe a lot of taxes in the previous year.
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March 11, 2025
3:32 PM