What forms do I fill out to pay estimated tax on a IRA withdrawal I make in Dec2023 ?

ACO
ACO Member Posts: 2 Newcomer
edited January 15 in General

I want to avoid a tax penalty on an individual tax return for 2023 tax year. I want to make one withdrawal in 12/2023 from my IRA. I don't want the taxes withheld from the money but I want to pay the estimated taxes from my personal savings account.I never did this before and spent hours trying to get a human on the phone at IRS with no success.

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Answers

  • JAW1965
    JAW1965 Member Posts: 2 Newcomer

    You can pay estimated taxes from your checking account at irs.gov. Go to Make a Payment and then select Bank Account (Direct Pay)

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  • RustyL
    RustyL FreeTaxUSA Agent Posts: 22

    Hey ACO,

    Like JAW1965 mentioned, you can make a payment on the IRS website to cover the tax on that withdrawal. When you file the return, you can include that payment on the '2023 Estimated Tax Payments' page of the 'Misc' tab.

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  • ACO
    ACO Member Posts: 2 Newcomer

    Thank you.I should have asked what form do I file.

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  • RustyL
    RustyL FreeTaxUSA Agent Posts: 22

    To include the estimated payment on your return, you will need to include form 1040-ES, but we will generate it for you when you enter your information on the page I mentioned above.

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