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Taxes on 401 k added to our income

 
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evelynm
Employee Tax Expert

Taxes on 401 k added to our income

Adjusting your withholdings W-4 is the way to go for your retirement benefits assuming it is continuous.   Here is a link to tax caster to assist in generating your W-4:   https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

Keep in mind the tax tables will be updated for 2024 accordingly.   It is also a good idea to check your withholdings to date anytime.

 

Submit a request to pay taxes on your retirement benefits throughout the year instead of paying a large bill at tax time.

 

If this is a one time taxable distribution you can remit an estimated tax payment accordingly.  IRS Form 1040 estimated taxes 

 

How to make estimated tax payments 

 

 

Have an amazing day. Evelyn M (CPA 20+ years)
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