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I am a single woman (56 years old) and will need to take a

withdrawal from an annuity....
I am a single woman (56 years old) and will need to take a withdrawal from an annuity. I need to know if the automatic 10% for IRS is sufficient or if I should request they withhold 20%?
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Answered in 4 minutes by:
7/2/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com. I would request that your withholding be raised to 20% to account for federal income tax

MyVirtualCPA :

It's better to have a refund at the end of the year, than to have tax due on something such as your annuity withdrawal at the end of the year

Customer:

Thank you for that confirmation. I didn't think 10% was enough, but I wanted to be sure, and a refund is always better than a Bill.

MyVirtualCPA :

Yes, it is

MyVirtualCPA :

Is there anything else I can assist you with today?

MyVirtualCPA :

If not, please rate as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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