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withdrawals are not taxed (unless they are coming out of a tax deferred account such as an IRA) . Othrwise, it's the income earned on the MM that is taxed and th income is taxed whether or not you withdraw it. In addition, since it would seem more money is oming out than going in the earnings for 2024 will likley be less than for 2023.
There will be no federal penalties for not paying in enough taxes during the year if withholding and
a) timely estimated tax payments equal or exceed 90% of your 2024 tax or
b) timely estimated tax payments equal or exceed 100% of your 2023 tax (110% if your 2023 adjusted gross income was more than $150K) or
c) the balance due after subtracting taxes withheld from 90% of your 2024 tax is less than $1,000 or
d) your total taxes are less than $1,000
state laws differ
New York state
Is the MMA in a regular bank account? Or a Money Market mutual fund like in Vanguard, Fidelity, etc? Or is it in a IRA or 401K account? They are all taxed differently.
It is a Fidelity MMA, proceeds from a home sale deposit. It was less than the federal tax $ value (ie, not taxable).
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