IRA Withdrawal

Submitted by Richard Mahon on Mon, 2019-12-02 21:21

With regards to an IRA RMD: Is it accurate that “state withholding can only be elected if federal withholding is elected”, or, can you elect to withhold for state, but, elect NOT to withhold any ($0) for federal? (simplified, are you required to withhold for fed if you elect to withhold for state?)
I’m getting conflicting answers…thanks.

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Permalink Submitted by Alan - IRA critic on Mon, 2019-12-02 23:52

That is up to the IRA custodian and might also vary by state. For example, many IRA custodians will not withhold state taxes for certain states at all. Best to check with your custodian for your state withholding options.