How do I arrange for my taxes to be paid via my financial advisor?

Forum|Forum|1 year ago
April 1, 2025
2 replies
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My financial advisor informed me that he can arrange to get my taxes paid for me from my IRA. How would I go about this?

VolvoGirl

Employee

You need to ask him how. If you take a distribution from your IRA it is taxable and a 10% Early Withdrawal Penalty if you are under 59 1/2. Does he mean pay your total tax due? Or the tax withholding if you take a IRA distribution?

DaveF1006

I think your financial advisor may have been thinking about selling off some of your stocks for a loss to reduce your taxable income for the year to lessen your tax burden. You may need to check with him for more specifics.

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fanfare

Employee

You'd better get the exact details and understand what is proposed,

My brother-in-low was promised tax efficiency on a recommended strategy. He ended up paying an addtional $14,000 to the IRS and State just yesterday. He's not a happy camper.