For some taxpayers, December means a race against time to make their required minimum distributions (RMDs) for the year. As the deadline approaches, it’s also important to consider whether estimated taxes have been paid on RMD income.
Withholding federal and/or state taxes from RMDs is not automatic, and the failure to do so could result in an unexpected tax bill in 2023 and potentially an underpayment penalty.
Read the full article on the PBMares Wealth Management website.
