No. of Recommendations: 0
3) Calculate what your total withholding needs to be for the year, and make a note on your calendar for mid-December: make an IRA withdrawal of that amount with 100% withheld.
4) omit
5) I wish. I have never been able to efile. The big effort is putting everything into Turbotax. Printing it is not a big deal, vs. efiling. I always have to send a check anyway, so I don't even save a stamp.


I use TurboTax to prepare my Federal and State taxes, generate my Federal and State estimated taxes for the next year tax payments, and electronically submit my Federal and State tax forms. If I owe additional taxes, I can have the IRS and the California Franchise Tax Board debit a checking or saving account.

The Electronic Federal Tax Payment System (EFTPS) allows me to schedule when the quarterly estimated tax are debited from my checking or saving account. California's Web Pay allows me to do the same thing for my state quarterly estimated taxes. Eliminates the need to write checks, put them in an envelope with a tax form, afix a stamp to the envelope, and put it in the mail.

As I don't need the RMD for normal living expenses, I transfer the RMD from my IRA to my taxable investment account in the form of cash, securities, or a combination of them at the beginning of the year.

Easy Peasy!
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement