Estimated tax payment for distributions from a inherited a traditional IRA

Forum|Forum|1 year ago
March 20, 2025
2 replies
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My wife inherited a traditional IRA from her grandfather, who passed away last year. Today (3/20/2025) we withdraw part fof the funds. We decided not to withhold taxes. This measn we have to make an estimated tax payment by April 15, 2025. I want to make sure I do this right. I go to this link "https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card", choose make a payment with "Pay1040" or "ACI Payments, Inc.", pay "personal taxes", choose "1040-ES - Estimated Tax - Tax Year 2025" and pay. is this correct? Thank you!

Not A Product Question

Best answer by DaveF1006

Yes, this procedure is correct.

DaveF1006Answer

Yes, this procedure is correct.

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Opus 17

Employee

You are expected to pay your taxes evenly over the year, even if your income is not even. While you do need to pay the estimated payment for this withdrawal by April 15, 2025, because of the "even payment" rule, you can also choose to divide it into 4 equal payments and make them no later than April 15, 2025, June 15, 2025, September 15, 2025 and January 15, 2026.