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Retirement tax questions
...As long as you don't withdraw more from your 401k during 2018, it shouldn't be a problem.
The tax software may "suggest" estimated 2018 Quarterly estimates if you still have an significant additional Balance Due on your 2017 tax return when you file it in early 2018....but that usually only occurs if you have to pay the IRS an additional $1000 or more at tax time.
........BUT, even then, the need to actually submit & pay quarterly estimates for 2018 taxes will really depend on your expected 2018 income, even if you do owe $1000 extra for 2017 taxes........and if you don't withdraw any more from the 401k during 2018, then you can ignore those quarterly estimates as long as you have enough withholding on your normal yearly income to more than cover your expected 2018 tax bill when you file in 2019.
The tax software may "suggest" estimated 2018 Quarterly estimates if you still have an significant additional Balance Due on your 2017 tax return when you file it in early 2018....but that usually only occurs if you have to pay the IRS an additional $1000 or more at tax time.
........BUT, even then, the need to actually submit & pay quarterly estimates for 2018 taxes will really depend on your expected 2018 income, even if you do owe $1000 extra for 2017 taxes........and if you don't withdraw any more from the 401k during 2018, then you can ignore those quarterly estimates as long as you have enough withholding on your normal yearly income to more than cover your expected 2018 tax bill when you file in 2019.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎June 6, 2019
6:34 AM