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June 2, 2019
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Should i withold any money from my RMD taking it for the first time in 2019?

  • June 2, 2019
  • 1 reply
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try using taxcaster.  no withholding on RMD  this will give you an estimate of what you will owe.  

if the balance due is less than $1,000 you don't need to have any Federal withholding, if more see next line  

if other withholding covers 90% of 2019 total tax liability you don't need to have any  Federal  withholding, 

since these are only estimates,  you may want to play it safe by having withholding on the RMD.  

state laws differ - some don't tax RMD's others do so don't forget to consider state taxation. 

1 reply

Answer
June 2, 2019

try using taxcaster.  no withholding on RMD  this will give you an estimate of what you will owe.  

if the balance due is less than $1,000 you don't need to have any Federal withholding, if more see next line  

if other withholding covers 90% of 2019 total tax liability you don't need to have any  Federal  withholding, 

since these are only estimates,  you may want to play it safe by having withholding on the RMD.  

state laws differ - some don't tax RMD's others do so don't forget to consider state taxation.