Income Taxes During Retirement

[kaneohe]

20% is the required federal tax withholding amount for all taxable 401K distributions. There's no way to adjust it.

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https://www.mysolo401k.net/does-the-20-federal-tax-withholding-apply-to-all-401k-distributions/

"Does the 20% Federal Tax Withholding Apply to All 401k Distributions?
No. The plan trustee should only withhold 20% for federal income tax from eligible rollover distributions.

Required Minimum Distributions
The 20% mandatory federal tax does not apply to required minimum distributions (RMDs) because RMDs are not considered eligible rollover distributions."

 

[Souschef]

Question - I looked up the various ways to pay federal and state income taxes during the year. On the IRS site you can prepay your taxes and also schedule payments. Was wondering, to keep things more organized, has anyone scheduled payments in their online checking account for the IRS? For their state tax?

Thanks

I have my estimated taxes taken out of my checking account. I use the IRS ETFPS and the CA FTB website to schedule the payments.
I just have to make sure I have enough money in the account.