topic You didn't have to pay any taxes with the 2017 tax return? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/you-didn-t-have-to-pay-any-taxes-with-the-2017-tax-return/01/797985#M74619 You didn't have to pay any taxes with the 2017 tax return? Sat, 08 Jun 2019 00:06:39 GMT Lisa995 2019-06-08T00:06:39Z Need I pay tax on RMD income not received yet? https://ttlc.intuit.com/community/retirement/discussion/need-i-pay-tax-on-rmd-income-not-received-yet/01/797949#M74614 <P>I withdrew 2018 my RMD on 12/24/2018, filed my return 4/5/2019, but I received a tax penalty on 4/29/2019 for "Failure-to-pay proper estimated tax" for 2018.&nbsp; I had no other income for 2018 other than a monthly pension of $24.93 (total of $299.16, which I added to the RMD).&nbsp; Am I supposed to pay tax on income I haven't received yet (the RMD)? The billing summary (attached) shows tax I owed equaled exactly my "payments and credits" to the penny.&nbsp; But added $223.61 for "failure to pay proper estimated tax penalty."&nbsp; Never explained why there was a penalty.<BR /></P><BR /> Sat, 08 Jun 2019 00:06:33 GMT https://ttlc.intuit.com/community/retirement/discussion/need-i-pay-tax-on-rmd-income-not-received-yet/01/797949#M74614 abclapp914 2019-06-08T00:06:33Z Did you owe money on your tax return last year as well? https://ttlc.intuit.com/community/retirement/discussion/did-you-owe-money-on-your-tax-return-last-year-as-well/01/797966#M74616 Did you owe money on your tax return last year as well? Sat, 08 Jun 2019 00:06:36 GMT https://ttlc.intuit.com/community/retirement/discussion/did-you-owe-money-on-your-tax-return-last-year-as-well/01/797966#M74616 Lisa995 2019-06-08T00:06:36Z No.  2017 accepted without comment or reply. https://ttlc.intuit.com/community/retirement/discussion/no-2017-accepted-without-comment-or-reply/01/797979#M74618 No.&nbsp;&nbsp;2017 accepted without comment or reply. Sat, 08 Jun 2019 00:06:38 GMT https://ttlc.intuit.com/community/retirement/discussion/no-2017-accepted-without-comment-or-reply/01/797979#M74618 abclapp914 2019-06-08T00:06:38Z You didn't have to pay any taxes with the 2017 tax return? https://ttlc.intuit.com/community/retirement/discussion/you-didn-t-have-to-pay-any-taxes-with-the-2017-tax-return/01/797985#M74619 You didn't have to pay any taxes with the 2017 tax return? Sat, 08 Jun 2019 00:06:39 GMT https://ttlc.intuit.com/community/retirement/discussion/you-didn-t-have-to-pay-any-taxes-with-the-2017-tax-return/01/797985#M74619 Lisa995 2019-06-08T00:06:39Z No penalty taxes, no.  I paid full taxes on the 2017 RMD,... https://ttlc.intuit.com/community/retirement/discussion/no-penalty-taxes-no-i-paid-full-taxes-on-the-2017-rmd/01/797993#M74620 No penalty taxes, no.&nbsp;&nbsp;I paid full taxes on the 2017 RMD, but nothing additional.&nbsp;&nbsp;Followed the same procedure, withdrawing 2017 RMD near end of December, filing and paying tax in April. Sat, 08 Jun 2019 00:06:41 GMT https://ttlc.intuit.com/community/retirement/discussion/no-penalty-taxes-no-i-paid-full-taxes-on-the-2017-rmd/01/797993#M74620 abclapp914 2019-06-08T00:06:41Z Ok, let me rephrase what Im asking. Did your 2017 tax re... https://ttlc.intuit.com/community/retirement/discussion/ok-let-me-rephrase-what-im-asking-did-your-2017-tax-re/01/797996#M74621 Ok, let me rephrase what Im asking.<BR /><BR />Did your 2017 tax return have a balance due?&nbsp;&nbsp;If so, then you were supposed to pay in estimated taxes throughout the year up to the liability on the 2017 taxes to avoid the estimated tax penalty on the balance due on the 2018 tax return. Sat, 08 Jun 2019 00:06:41 GMT https://ttlc.intuit.com/community/retirement/discussion/ok-let-me-rephrase-what-im-asking-did-your-2017-tax-re/01/797996#M74621 Lisa995 2019-06-08T00:06:41Z Clarify "balance due."  I withdrew the RMD end of Decembe... https://ttlc.intuit.com/community/retirement/discussion/clarify-balance-due-i-withdrew-the-rmd-end-of-decembe/01/798004#M74622 Clarify "balance due."&nbsp;&nbsp;I withdrew the RMD end of December, paid the tax in full in April.&nbsp;&nbsp;No reply from IRS, so I assumed the amount paid was correct.&nbsp;&nbsp;Again, I had no (real) income in 2017 except RMD at the end of year.&nbsp;&nbsp;I had no monthly or quarterly income, only the RMD at the end of 2017. Sat, 08 Jun 2019 00:06:43 GMT https://ttlc.intuit.com/community/retirement/discussion/clarify-balance-due-i-withdrew-the-rmd-end-of-decembe/01/798004#M74622 abclapp914 2019-06-08T00:06:43Z So the 2017 tax return showed a balance due on it and you... https://ttlc.intuit.com/community/retirement/discussion/so-the-2017-tax-return-showed-a-balance-due-on-it-and-you/01/798008#M74623 So the 2017 tax return showed a balance due on it and you paid it by 4/15, that's fine for 2017.&nbsp;&nbsp;But now 2018 comes around and you have a balance due showing on the tax return again.<BR /><BR />If this is your situation, you may be able to reduce/eliminate that penalty using Form 2210 Annualized Income method, since you're not getting the money until the end of the year.....IRS only sees that you owed money in 2017 and again in 2018, they don't know when during the year you received the income that created the tax liability. Sat, 08 Jun 2019 00:06:43 GMT https://ttlc.intuit.com/community/retirement/discussion/so-the-2017-tax-return-showed-a-balance-due-on-it-and-you/01/798008#M74623 Lisa995 2019-06-08T00:06:43Z the problem is that the IRS assumes the retirement income... https://ttlc.intuit.com/community/retirement/discussion/the-problem-is-that-the-irs-assumes-the-retirement-income/01/798021#M74625 <P>the problem is that the IRS assumes the retirement income is received evenly throughout the year.&nbsp; so they use the simplified method to compute penalties.&nbsp; &nbsp; do as Lisa995 suggests prepare the AI section of 2210 and send it in with notice.&nbsp; respond asap and use tracking service.&nbsp; the IRS usual position is that if you don't respond timely, then you agree with them</P> Sat, 08 Jun 2019 00:06:44 GMT https://ttlc.intuit.com/community/retirement/discussion/the-problem-is-that-the-irs-assumes-the-retirement-income/01/798021#M74625 Anonymous 2019-06-08T00:06:44Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic You didn't have to pay any taxes with the 2017 tax return? in Retirement tax questions
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/you-didn-t-have-to-pay-any-taxes-with-the-2017-tax-return/01/797985#M74619
</link>
<description>
You didn't have to pay any taxes with the 2017 tax return?
</description>
<pubDate>Sat, 08 Jun 2019 00:06:39 GMT</pubDate>
<dc:creator>Lisa995</dc:creator>
<dc:date>2019-06-08T00:06:39Z</dc:date>
<item>
<title>Need I pay tax on RMD income not received yet?</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/need-i-pay-tax-on-rmd-income-not-received-yet/01/797949#M74614
</link>
<description>
<P>I withdrew 2018 my RMD on 12/24/2018, filed my return 4/5/2019, but I received a tax penalty on 4/29/2019 for "Failure-to-pay proper estimated tax" for 2018.&nbsp; I had no other income for 2018 other than a monthly pension of $24.93 (total of $299.16, which I added to the RMD).&nbsp; Am I supposed to pay tax on income I haven't received yet (the RMD)? The billing summary (attached) shows tax I owed equaled exactly my "payments and credits" to the penny.&nbsp; But added $223.61 for "failure to pay proper estimated tax penalty."&nbsp; Never explained why there was a penalty.<BR /></P><BR />
</description>
<pubDate>Sat, 08 Jun 2019 00:06:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/need-i-pay-tax-on-rmd-income-not-received-yet/01/797949#M74614
</guid>
<dc:creator>abclapp914</dc:creator>
<dc:date>2019-06-08T00:06:33Z</dc:date>
</item>
<item>
<title>
Did you owe money on your tax return last year as well?
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/did-you-owe-money-on-your-tax-return-last-year-as-well/01/797966#M74616
</link>
<description>
Did you owe money on your tax return last year as well?
</description>
<pubDate>Sat, 08 Jun 2019 00:06:36 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/did-you-owe-money-on-your-tax-return-last-year-as-well/01/797966#M74616
</guid>
<dc:creator>Lisa995</dc:creator>
<dc:date>2019-06-08T00:06:36Z</dc:date>
</item>
<item>
<title>No.  2017 accepted without comment or reply.</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/no-2017-accepted-without-comment-or-reply/01/797979#M74618
</link>
<description>
No.&nbsp;&nbsp;2017 accepted without comment or reply.
</description>
<pubDate>Sat, 08 Jun 2019 00:06:38 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/no-2017-accepted-without-comment-or-reply/01/797979#M74618
</guid>
<dc:creator>abclapp914</dc:creator>
<dc:date>2019-06-08T00:06:38Z</dc:date>
</item>
<item>
<title>
You didn't have to pay any taxes with the 2017 tax return?
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/you-didn-t-have-to-pay-any-taxes-with-the-2017-tax-return/01/797985#M74619
</link>
<description>
You didn't have to pay any taxes with the 2017 tax return?
</description>
<pubDate>Sat, 08 Jun 2019 00:06:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/you-didn-t-have-to-pay-any-taxes-with-the-2017-tax-return/01/797985#M74619
</guid>
<dc:creator>Lisa995</dc:creator>
<dc:date>2019-06-08T00:06:39Z</dc:date>
</item>
<item>
<title>
No penalty taxes, no.  I paid full taxes on the 2017 RMD,...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/no-penalty-taxes-no-i-paid-full-taxes-on-the-2017-rmd/01/797993#M74620
</link>
<description>
No penalty taxes, no.&nbsp;&nbsp;I paid full taxes on the 2017 RMD, but nothing additional.&nbsp;&nbsp;Followed the same procedure, withdrawing 2017 RMD near end of December, filing and paying tax in April.
</description>
<pubDate>Sat, 08 Jun 2019 00:06:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/no-penalty-taxes-no-i-paid-full-taxes-on-the-2017-rmd/01/797993#M74620
</guid>
<dc:creator>abclapp914</dc:creator>
<dc:date>2019-06-08T00:06:41Z</dc:date>
</item>
<item>
<title>
Ok, let me rephrase what Im asking. Did your 2017 tax re...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/ok-let-me-rephrase-what-im-asking-did-your-2017-tax-re/01/797996#M74621
</link>
<description>
Ok, let me rephrase what Im asking.<BR /><BR />Did your 2017 tax return have a balance due?&nbsp;&nbsp;If so, then you were supposed to pay in estimated taxes throughout the year up to the liability on the 2017 taxes to avoid the estimated tax penalty on the balance due on the 2018 tax return.
</description>
<pubDate>Sat, 08 Jun 2019 00:06:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/ok-let-me-rephrase-what-im-asking-did-your-2017-tax-re/01/797996#M74621
</guid>
<dc:creator>Lisa995</dc:creator>
<dc:date>2019-06-08T00:06:41Z</dc:date>
</item>
<item>
<title>
Clarify "balance due."  I withdrew the RMD end of Decembe...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/clarify-balance-due-i-withdrew-the-rmd-end-of-decembe/01/798004#M74622
</link>
<description>
Clarify "balance due."&nbsp;&nbsp;I withdrew the RMD end of December, paid the tax in full in April.&nbsp;&nbsp;No reply from IRS, so I assumed the amount paid was correct.&nbsp;&nbsp;Again, I had no (real) income in 2017 except RMD at the end of year.&nbsp;&nbsp;I had no monthly or quarterly income, only the RMD at the end of 2017.
</description>
<pubDate>Sat, 08 Jun 2019 00:06:43 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/clarify-balance-due-i-withdrew-the-rmd-end-of-decembe/01/798004#M74622
</guid>
<dc:creator>abclapp914</dc:creator>
<dc:date>2019-06-08T00:06:43Z</dc:date>
</item>
<item>
<title>
So the 2017 tax return showed a balance due on it and you...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/so-the-2017-tax-return-showed-a-balance-due-on-it-and-you/01/798008#M74623
</link>
<description>
So the 2017 tax return showed a balance due on it and you paid it by 4/15, that's fine for 2017.&nbsp;&nbsp;But now 2018 comes around and you have a balance due showing on the tax return again.<BR /><BR />If this is your situation, you may be able to reduce/eliminate that penalty using Form 2210 Annualized Income method, since you're not getting the money until the end of the year.....IRS only sees that you owed money in 2017 and again in 2018, they don't know when during the year you received the income that created the tax liability.
</description>
<pubDate>Sat, 08 Jun 2019 00:06:43 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/so-the-2017-tax-return-showed-a-balance-due-on-it-and-you/01/798008#M74623
</guid>
<dc:creator>Lisa995</dc:creator>
<dc:date>2019-06-08T00:06:43Z</dc:date>
</item>
<item>
<title>
the problem is that the IRS assumes the retirement income...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/the-problem-is-that-the-irs-assumes-the-retirement-income/01/798021#M74625
</link>
<description>
<P>the problem is that the IRS assumes the retirement income is received evenly throughout the year.&nbsp; so they use the simplified method to compute penalties.&nbsp; &nbsp; do as Lisa995 suggests prepare the AI section of 2210 and send it in with notice.&nbsp; respond asap and use tracking service.&nbsp; the IRS usual position is that if you don't respond timely, then you agree with them</P>
</description>
<pubDate>Sat, 08 Jun 2019 00:06:44 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/the-problem-is-that-the-irs-assumes-the-retirement-income/01/798021#M74625
</guid>
<dc:creator>Anonymous</dc:creator>
<dc:date>2019-06-08T00:06:44Z</dc:date>
</item>
</channel>
</rss>