Minnesota

progree

(12,092 posts)

5. Well, I guess I'll have to wait and see. I would hate to have to commit to a certain

Wed Nov 9, 2022, 05:06 PM

Nov 2022

percent in advance. Usually I don't do any withholding for IRA RMDs at Fidelity or for any Roth conversions at Vanguard because I have already covered that in my estimated tax payments (or I'm relying on a safe-harbor provision like paying estimated taxes equal to 100% of the prior year's taxes or somesuch).

But a couple of times it has been convenient to do the withholding at the time of the RMD or conversion -- as any such tax withholding is treated as occurring equally over the entire tax year, even though I always do the RMD or conversion in December.

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A differeent topic: anyone is withdrawing funds from pension funds? [View all] question everything Nov 2022 OP

All states are not the same. gab13by13 Nov 2022 #1

I have 25% taken out for state and federal taxes (which I only pay at tax time in April.) Haven't in2herbs Nov 2022 #2

That's odd. Isn't there a checkbox at Vangd where one can choose the default percent or put in progree Nov 2022 #3

There is, but only for federal. I have not seen one for the state. question everything Nov 2022 #4

Well, I guess I'll have to wait and see. I would hate to have to commit to a certain progree Nov 2022 #5

It depends on the institution and the state. . . . h2ebits Nov 2022 #6

Thank you. Yes, it is Minnesota that established this requirement and today question everything Nov 2022 #7

I thought I was going out of my mind question everything Dec 2022 #8

I don't have an RMD requirement with Vanguard, thankfully, progree Dec 2022 #9