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First RMD to be taken in 2024, how much tax to withhold
I turned 73 on 3/27/2024 and will have to take my first RMD from my 401K in 2024. Is there a ballpark percentage of federal tax to be withheld from this distribution?
I suggest you go back into your tax form in TurboTax where you will find an estimated tax routine you can go through to determine what estimated taxes you may need to pay next year. You will have an opportunity to enter your additional income and TurboTax will tell you what estimated tax you should pay in to reduce the possibility of owing money next year when your taxes are due. Use the estimated tax due as the amount to withhold from your RMD. You will see that routine in the Other Tax Situations menu tab, then look for Other Tax Forms, then Form W-4 and Estimated Taxes. You may need to say you need to enter a state tax return to get back into your TurboTax program.
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