tax withholding

[astec1968]

How do you know how much in taxes you should have withheld when taking a distribution from IRA over the age of 59-12/?

[xmasbaby0]

That depends on how much other income you will be receiving.   We have no access to your information.   Will you be receiving Social Security?  Other investment income?   Continue to work?   Receive a pension?    

[RobertB4444]

You should look at your overall tax rate from the year prior.  That will get you to the point that you may still owe a little money or get a little refund but you will cover it pretty well.  

If you are taking a large distribution then the best idea is to withhold at least 20% - maybe 25%.

Here is TurboTax's withholding calculator to get you as close as possible.

@astec1968 

[astec1968]

I think what was posted by the other individual will be helpful in me figuring this out. Thanks for the reply.

[RobertB4444]

You're welcome!

@astec1968