Question

Taxes on Retirement Income

Forum|Forum|3 years ago
November 16, 2022
1 reply
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I am recently retired and my 401K has been converted to ira accounts managed by Fidelity. As I withdraw funds monthly to meet expenses how much income tax should I have withheld?

sdammons

There are several factors to consider when determining the amount of withholding on your IRA distributions. The best way would be to complete the IRS Form W-4P. This form will take into consideration any of your other income that will also be reported. Additionally, the IRS offers a Withholding Calculator that you might find helpful.

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