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Im about to recieve a beneficiary survivor pension payout. I have a W-4P. I want lump sum payout. Do i make change to 2016 taxes.

must i ammend my 2016 taxes prior to recieveing survivor Pension benefit . Must i do a estimated tax for 2017 now

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IreneS
Intuit Alumni

Im about to recieve a beneficiary survivor pension payout. I have a W-4P. I want lump sum payout. Do i make change to 2016 taxes.

No - you don't have to amend your 2016 return since you haven't received the payout yet.

Normally the plan administrator will withhold federal taxes on the payment.  If they don't you should make an estimated tax payment after you receive the funds.  You might also want to make an estimated payment on your state taxes.

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