Question

Can some answer tax questions regarding the Cares Act?

Forum|Forum|6 years ago
May 5, 2020
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TurboTax Online

Yes, we can answer tax questions regarding the CARES Act. What is your question?

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G

gmalone08

I have elected to not take the required RMD from IRA in 2020. as allowed by Cares Act. How do I estimate my quarterly tax payments for 2020 since the additional amount from the RMD will not come into play for my gross taxable amt. for 2020. Also that will eliminate the 20% tax that I would have had withheld from the RMD had I taken it in 2020. Turbo Tax has significantly increased the estimate by thousands of dollars which would be too much tax. How do I do this??