topic Re: pension withdrawal in Retirement tax questions

pension withdrawal

johngdaly — Tue, 06 Apr 2021 14:53:08 GMT

I followed the new CARE option and withdrew $100,000. from my IRA last year. I am over 59.5 yrs.

Turbo automatically claimed 33% as taxable for 2020.

What if I want to pay tax on MORE

eg.. If I want to pay tax on $50,000 in 2020

how do I over ride the program

john

Re: pension withdrawal

macuser_22 — Tue, 06 Apr 2021 15:05:06 GMT

Your choice per the CARES act is to spread the tax in 3 equal payments or pay it all in 2020. There is a screen with a check box to pay it all in 2020.

Re: pension withdrawal

macuser_22 — Tue, 06 Apr 2021 15:08:56 GMT

You can make an 2021 estimated tax payment directly to the IRS and apply it to your 2021 tax return as tax already paid for 2021.