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How to pay taxes when retired

Published

7 years ago

May 29, 2019

Many retirees have to pay taxes quarterly, usually in April, June, September and January.

The idea is that each retiree should estimate the amount of taxes they will pay the next year. Use Form 1040-ES to figure estimated taxes.

Underpayment on these quarterlies results in a stiff penalty. One way to avoid the penalty is to take your previous year’s tax bill and divide it by four. The IRS accepts this as a valid estimate.

Related Topics:retirement taxes

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