We took a very large sum out of a retirement account. They withheld 20% for federal income taxes. How do we pay state income tax so there will not be a penalty for a large amount due on 4-15-20? And how do we know the amount?
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You just need to make an estimated tax payment to Indiana. It's basically the amount of the distribution multiplied by 3.23% (Indiana tax rate).
Here's the link to the estimated tax form.
You just need to make an estimated tax payment to Indiana. It's basically the amount of the distribution multiplied by 3.23% (Indiana tax rate).
Here's the link to the estimated tax form.
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