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Retirement tax questions
If you had only pension and Social Security for 2024, what was your total tax calculated at on Form 1040, Line 24?
Divide that amount by 4 to estimate quarterly payments. This amount could vary, depending on whether you itemize deductions or take the Standard Deduction (in which case it would not).
If your Social Security is not taxable (line 6b on form 1040), you could have the amount of your tax taken out of your pension income and not pay quarterly estimated taxes. I personally opt to have 10% withheld from my pension, with no estimated payments.
If you choose to make quarterly estimated payments instead, remember that you can pay either with vouchers and a check or directly at the IRS Payment Portal by direct debit.
Here's more info on Estimated Taxes and a Tax Withholding Estimator from the IRS you may find less confusing.
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