tax withholding

Forum|Forum|2 years ago
April 3, 2024
4 replies
35 views

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

Level 15

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?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

astec1968Author

Level 2

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

RobertB4444

Level 15

You're welcome!

@astec1968

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

RobertB4444

Level 15

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

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"