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Maxine-R--Kane
Level 1
June 6, 2019
Question

Annualizing my taxes- will I get a penalty for not taking out taxes on my rmd, social security, and pension>?

  • June 6, 2019
  • 1 reply
  • 0 views

I didn't take out taxes on my  RMD, social security, pension in the past years when I filed jointly with my husband and we owed about $200 - $350. Why is it so much when I have to file as a single person? 

1 reply

A
Anonymous
June 6, 2019

Single tax rates are higher then married filing joint tax rates, and the standard deduction for a couple is twice that of a single.  

You may indeed owe a penalty, but you need to go through the interview for Underpayment of estimated tax to see if you can reduce it.  

Do that under the Federal taxes tab, 

Other Tax Situations in the menu line below, 

then Underpayment Penalties.  Sometimes entering the additional information requested there can reduce your penalty.

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