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The discussion about IRMAA, RMD, Roth, 2024 tax brackets, and 2026 payments is interesting but not applicable to the question being answered. |
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Getting professional help is probably the best advise given here. |
Not on topic but if you had a windfall year and then dropped back down the following year can you appeal the IRMMA rate?
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Ask a tax professional, not an online forum
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Most people know what their monthly income is so it’s easy to estimate taxes. What you don’t want to do is take an IRA/401k withdrawal (unless forced to with RMD’s) in the last quarter and find that’s pushed you into a higher tax bracket.
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its just mafs and all in the public domain. asking a question is not like filing a return. . |
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Note that if you pay your taxes quarterly, there is a specific quarterly amount that you can pay, based on your prior year taxes, that will guarantee that you will not owe a penalty the following year. For most people, this is the "total tax" amount on the Form 1040 divided by 4. For high income people, this amount can be slightly higher. If you use this method, no tax planning to make up a shortfall is required.
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My compliments to many of the posters for answering the OP accurately. |
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