RMD and Estimated Tax Payments: Considerations and Tax Strategies
For some taxpayers, December means a race against time to make their required minimum distributions (RMDs) for the year. As the deadline approaches, it’s also important to consider whether estimated taxes have been paid on RMD income.
Withholding federal and/or state taxes from RMDs is not automatic, and the failure to do so could result in an unexpected tax bill in 2023 and potentially an underpayment penalty.
Read the full article on the PBMares Wealth Management website.
ABOUT THE AUTHOR(S):
Shelly Braden, CFP®Senior Wealth AdvisorAs a Certified Financial Planner™, Shelly specializes in coupling comprehensive financial planning with an estate planning focus. She holds a Master’s in Financial Planning & Taxation with a concentration in Estate Planning.
The content of this post is accurate as of the date below. Always ensure you are reviewing the most recent information available. Contact your tax advisor if you need clarification.