Hope everyone is having a good week...
More pondering and calculating at my end about FIRE.
And taxes weigh heavy on my mind.
My question is, how do you handle taxes?
Have you set up your pension, annuity, 401k/IRA payouts for withholdings?
Or do you do your own calculations and go for estimated quarterly tax payments?
And, what about those that elect to withdraw a year or more's worth of expenses at a time - do you pay a single estimated tax payment at the time of withdrawal?
Some sources I've been reading on-line indicate that Uncle Sam likes to get his share close to the same time you get your money - and if you under pay, or wait to settle up at tax time, you get hit with a penalty.
Thanks for sharing!
More pondering and calculating at my end about FIRE.
And taxes weigh heavy on my mind.
My question is, how do you handle taxes?
Have you set up your pension, annuity, 401k/IRA payouts for withholdings?
Or do you do your own calculations and go for estimated quarterly tax payments?
And, what about those that elect to withdraw a year or more's worth of expenses at a time - do you pay a single estimated tax payment at the time of withdrawal?
Some sources I've been reading on-line indicate that Uncle Sam likes to get his share close to the same time you get your money - and if you under pay, or wait to settle up at tax time, you get hit with a penalty.
Thanks for sharing!