I will be retiring and starting SSA income June 1, 2024 and choose to have 22% pre-taxed. I will also have IRA income, how can I accurately have my IRA withdrawals taxed in 2024? Or do I manage this when I file my taxes in 2025?
It's better to have taxes withheld from your IRA income as needed, assuming it's a taxable Traditional IRA. The IRS is a pay-as-you-go type of system. If you don't pay enough in, it's possible you will owe underpayment penalties when it comes time to file. A great place to start is with the Tax Caster tool. Just enter in your details, and you'll get a pretty good idea of how much tax you'll need to have withheld from your income sources. The tool is for 2023 still, but it will be close for you.
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