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Reply to "Retirement Taxes"
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[quote=Anonymous][quote=Anonymous]Fwiw my dad did the taxes growing up but got a fine for under payment the first year of retirement. May be worth an accountant that first year at least.[/quote] The fine is very small, something like a few percent interest on the amount owed, so I wouldn’t worry too much about it. There is are “safe harbors” you can look up that enable you to avoid any fines - eg if you pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year, or you owe less than $1,000 in tax after subtracting withholdings and credits.[/quote]
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