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Originally Posted by Caymus
I have a question on withholding taxes from investment accounts. I assume you can have taxes withheld from 401K and regular IRA distributions. How about from regular brokerage accounts and mutual funds? If not, I assume you would account for that in estimated tax payments.
It also looks like taxes can also be withheld from SS payments.
This will be the first year that I will not be able to adjust my employer withholding to account for investments.
I would appreciate any advice (except see a tax/investment professional)  |
Everything I withdraw from my retirement account is taxed 20% before it reaches my bank account. That’s plenty. However, I also had to kick back $10,000 from my Social Security income because I had too much other income, and to pay that I had to take out more money from my retirement account—plus 20%. And that will increase the kick back next year.