Should my withdrawal from my savings account be my federal taxes minus my state taxes correct?

[SabrinaD2]

It sounds like you're asking if the amount you withdraw from your savings account should be equal to the difference between your federal taxes and state taxes.

• Generally, the amount you withdraw from your savings account doesn't need to be directly related to your tax liabilities.
• Withdrawals from a savings account are not typically subject to federal or state taxes. 
• However, the interest earned on the savings is usually taxable

Reach back out with additional details and we can provide more specific answers.

[VolvoGirl]

Can you explain more?   What are you withdrawing from your savings account?  Federal and State taxes are completely separate.  If you had the IRS take a tax due from your savings account then NO it does not have anything to do with your state taxes.   Do you have a federal tax due?  And a State tax due or refund?  

[rjs]

Are you asking about a direct debit from your savings account by the IRS to pay tax that you owe? Your federal and state tax returns are processed by completely separate government agencies. One has nothing to do with the other. If you have a payment due on your federal tax return, and you selected to pay by direct debit from your bank account, the IRS will take the full amount that you owe from the account, no matter what your state tax situation is. If you are getting a state refund, and you selected direct deposit, the state will deposit your refund into your bank account. That's a separate transaction, and it might happen before or after the IRS takes your federal tax. Your state refund does not reduce the amount that the IRS takes.

If this is not clear, answer the questions that VolvoGirl asked and one of us will try to clear up any confusion.