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vets10069
Level 2
June 4, 2019
Solved

Are RMD's substitute for estimated quarterly payments?

  • June 4, 2019
  • 7 replies
  • 66 views
I'm thinking of taking my rmd in Dec. that would be equal or greater than the years tax liability.
Best answer by null725
No, an RMD is not a substitute for quarterly payments, and RMD is a distribution from your deferred account, it is not a tax payment. To avoid late payment penalties, you have to make quarterly payments on or before the due date for each. Just making one large payment at the end of the year doesn't satisfy the requirements.

7 replies

null725Answer
Level 13
June 4, 2019
No, an RMD is not a substitute for quarterly payments, and RMD is a distribution from your deferred account, it is not a tax payment. To avoid late payment penalties, you have to make quarterly payments on or before the due date for each. Just making one large payment at the end of the year doesn't satisfy the requirements.
dmertz
Level 15
June 4, 2019
It *can* potentially be a substitute for quarterly tax payments if sufficient portion portion of the RMD is allocated to tax withholding.  Unlike estimated tax payments, tax withholding by default is treated as one-fourth paid in each of the tax quarters of the year.
    mhill11
    Level 2
    March 14, 2023

    True enough, the IRS smoothes payments to them directly from your RMD over the 4 quarters.

     

    My question is does New York State do the same thing?

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