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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: paying tax in retirement Date: 4/7/2005 7:43 PM
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DW and I file a joint return. I mostly have wages reported on a W-2, DW has SE income (and no W-2). Instead of paying estimated taxes, I adjust the withholding from my own checks so that we attain the safe harbor of 100% of the previous year's tax liability.

But what happens in retirement? (What do retired people generally do?) In my own case, I expect to have income from a pension, social security, a TIRA, and a Roth.

Can I do something similar to what I'm now doing with paychecks? Or should I do something else?


You can have taxes withheld from your pension, social security (this is a recent development), and IRA distributions. Or, you can pay estimated taxes each quarter.

Ira

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