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jmurra144
January 27, 2025
Question

My RMD was correct and tax was withheld. Is this a penalty?

  • January 27, 2025
  • 1 reply
  • 0 views
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    1 reply

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    xmasbaby0
    Employee
    January 27, 2025

    The tax that was withheld when you took out your RMD was an estimated amount----just like when your employer withheld tax from your paychecks.   When all of your combined income and combined tax withheld is entered into the software, the software will reconcile your tax liability with the amount of tax already withheld to determine if you owe more or get a refund.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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