I am to figure my taxes. I had 0 taken out of SS and 10% taken from retirement with draws. $211 for underpayment of estimated taxes. Is this correct??

liz-jennings54 · ‎February 7, 2025

HELP!!

RobertB4444 · ‎February 7, 2025

Maybe. You owe taxes on your social security if you make $25,000 or more as an individual or $32,000 or more as a married couple. If your retirement is more than that amount then some of your social security may be taxable and in that case you would not have taken out enough money and you may owe a penalty.

If that is the case then you should adjust your withholding for next year.

@liz-jennings54

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I am to figure my taxes. I had 0 taken out of SS and 10% taken from retirement with draws. $211 for underpayment of estimated taxes. Is this correct??