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Level 2

Question

Are Pennsylvania taxes withheld from an RMD treated like federal taxes and are assumed spread over the entire year thereby eliminating the need for state estimated tax

Forum|Forum|5 years ago
September 28, 2020
5 replies
21 views

I understand that PA does not tax RMDs but I would like withholding to cover taxes on other investments. I would like to take my RMD in December.

TurboTax Online

Level 15

Ask the financial institution where your retirement plan is held if they will withhold state tax on a distribution.

I assume that you are aware that you don’t have to take a RMD in2020.

Level 2

My IRA custodian will withhold Pennsylvania taxes. This is not for 2020. I'm planning for 2021. My real question is if I take my RMD in December will the Pennsylvania withholding be treated as if if was spread over the entire year (like federal withholding). This would mean that I can eliminate quarterly Pennsylvania estimated taxes and not receive a penalty.

Level 15

Tax withheld on a distribution taken in December, 2021, will be considered as have been taken throughout 2021.