https://ttlc.intuit.com/community/retirement/discussion/annuity-taxes/01/3372090#M224997 <P>Hi, I started collecting a monthly annuity in Jan 2024. The default on taxes taken out is 5%. I'd like to know how much it should be so I don't end up owing a lot in taxes come year end. I have a part-time job that withholds between 20% and 22% in taxes, if that helps you. And I was born in 1953. Thanks for your help!</P> Wed, 11 Feb 2026 09:52:39 GMT twilight100 2026-02-11T09:52:39Z https://ttlc.intuit.com/community/retirement/discussion/annuity-taxes/01/3372090#M224997 <P>Hi, I started collecting a monthly annuity in Jan 2024. The default on taxes taken out is 5%. I'd like to know how much it should be so I don't end up owing a lot in taxes come year end. I have a part-time job that withholds between 20% and 22% in taxes, if that helps you. And I was born in 1953. Thanks for your help!</P> Wed, 11 Feb 2026 09:52:39 GMT https://ttlc.intuit.com/community/retirement/discussion/annuity-taxes/01/3372090#M224997 twilight100 2026-02-11T09:52:39Z https://ttlc.intuit.com/community/retirement/discussion/re-annuity-taxes/01/3372104#M224998 <P>Great question!<BR /><BR />TurboTax has a wonderful free <A title="online calculator" href="https://turbotax.intuit.com/tax-tools/calculators/w4/" target="_self">online calculator</A> that will help you answer that question.&nbsp;&nbsp;<BR /><BR />You will need to g<SPAN>ather documentation (paystubs, previous tax return, invoices, etc.).&nbsp; Follow the prompts to fill out the withholding calculator.&nbsp; Then you will fill out your W-4 form for 2024.&nbsp; It's important to understand this will be an adjustment going forward for 24.&nbsp; You will want to revisit that for the full year 25.</SPAN></P> Wed, 26 Jun 2024 18:05:20 GMT https://ttlc.intuit.com/community/retirement/discussion/re-annuity-taxes/01/3372104#M224998 TeriH 2024-06-26T18:05:20Z