Ask Terry Questions RMD and IRS


By Terry Savage on December 17, 2023 | Financial Planning / Retirement

I am a widow and turn 73 next year. How much do I need to tell IRS to take from my $10000 RMD or should I say what percentage? I make approximately $65000 from my SS and my husband’s pensions.

Terry Says

First step is to calculate your RMD. That will be based on the value of your IRA Account(s) as of December 31, 2023.
Then ask your IRA custodian to withhold 20% for taxes, when they send you the check.
That should cover the taxes owed– assuming you also have taxes withheld from those pension checks.
If not, you need a qualified tax preparer to let you know if you should be making a quarterly estimated payment (based on that other income).

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