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Level 2

Question

RMD 2020 Distribution Changes

Forum|Forum|6 years ago
April 18, 2020
1 reply
6 views

I haven't been affected by the Wuhan virus healthwise. I understand that I don't need to take my RMD distribution in TY 2020. I estimated my 2020 taxes based on my 2019 taxes when filing in Feb'y before this became the big thing, so my question is this: if I predicate my 2020 taxes based on my 2019 MINUS the RMD distribution for 2019, that drops my 2020 TY estimated tax a bit. Can I then guesstimate my quarterly payments predicated on the reduced amount? Makes sense to me, but then....

Level 15

You can adjust your estimated tax payments any way you wish as long as the result is no underpayment penalty. Eliminating the previously anticipated retirement distribution will reduce the amount you need to pay.

tax_payerAuthor

Level 2

Good to read it's as simple as that.

Thanks.