I am retired and collecting Social Security as my only means of income for the current time. I will be turning 72 in August and need to take my first RMD on my IRA. I am assuming that I will need to send in the taxes on that distribution. Would I send that payment into the IRS as a quarterly tax payment?
You'll need to sign in or create an account to connect with an expert.
It is likely that you will need to pay taxes on the distribution, depending on the amount and your filing status.
You can either:
It is much easier for the broker to withhold a percentage of the distribution.
You can or just have the IRA withhold taxes out. Although it depends on how much total income you will have for the year. You may not need to pay any tax if your income is low.
Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
It is likely that you will need to pay taxes on the distribution, depending on the amount and your filing status.
You can either:
It is much easier for the broker to withhold a percentage of the distribution.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
d210acaf2858
New Member
Jam89
New Member
tyerac31
New Member
user99e7f063
New Member
mictg890
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.