pension withdrawal
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johngdaly
New Member

pension withdrawal

I followed the new CARE option and withdrew $100,000. from my IRA last year.  I am over 59.5 yrs.

Turbo automatically claimed 33% as taxable for 2020.

What if I want to pay tax on MORE

eg..  If I want to pay tax on $50,000 in 2020

how do I over ride the program

 

john

2 Replies
macuser_22
Level 15

pension withdrawal

Your choice per the CARES act is to spread the tax in 3 equal payments or pay it all in 2020.   There is a screen with a check box to pay it all in 2020.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
macuser_22
Level 15

pension withdrawal

You can make an 2021 estimated tax payment directly to the IRS and apply it to your 2021 tax return as tax already paid for 2021.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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