Federal Taxes not taken out of my retirement distribution

[aww91]

After recently retiring I thought my 401k distribution was setup to take out Federal taxes, but I just recently discovered that zero Federal taxes were paid because my tax status was mistakenly listed as single with no dependents. Now Turbotax shows that I own a couple of thousands of dollars in taxes. Do I have to bite the bullet and pay the tax, or is there another option?

Thanks in advance for your help,

[AnnetteB6]

You will have until the due date of the tax return to pay the balance due shown on your return.  

There are different options available to pay the balance due, including by check or credit card.  Or, you can request a payment plan with the IRS.  

Other than the various payment options available to you, there is nothing you can do on your tax return to alleviate the balance due when taxes were not withheld as you had expected.  

To learn more about your options, take a look at the following TurboTax help articles:

How can I pay my federal taxes?

What if I can't pay my taxes?

Can I set up a payment plan for my taxes?

[dollyb1930--just fix this · Accepted solution]

YES and YES.

You have no choice.

I have been doing this  by going to the IRS website and asking for 3 to 6 months extension and sending them the payment wihtin 6 months.

Please note that you have to pay the LATE PENALTY FEE FOR THE STSTE AND FEDERAL TAXES.

Hope this helps

[dollyb1930--just fix this]

I forgot to mention one thing.

I take out my 401k withdrawals without federal or state tax with holding.

Every year depending on the amount I made in 401k funds due stock market swings I adjust the 

taxes to be withheld for Federal and State taxes.

Kind regards

[dollyb1930--just fix this]

One more thing I forgot to mention.

After you get the extension faithfully pay your dues on time and keep records.

DO go their website and look for updates and and and--- YOU WILL BE DISAPPOINTED SINCE IT DOES NOT GET UPDATED AT ALL EVEN AFTER 60 DAYS.

MEANWHILE YOU WILL BE GETTING LETTERS THAT THEY ARE WORKING ON IT AND NEED 60 DAYS!!

ALSO YOU WILL RECEIVE LETTERS FROM 2 DIFFERENT DEPARTMENTS WHO KEEP TRACK OF THE E-filed return without checking anything ( they are helpless as one department does not talk to another).

Also do not bother calling IRS on phone--as you will get a long lecture and the worst is it will tell you there is a 2 hour or 4 hour waiting period OR go to their web site which you have already done.

Hope my long drawn out answer helps you to help yourself effectivel.

Kind regards