My late mother had an IRA and an annuity as part of her estate. Apparently these are distributed to the beneficiaries, who pay cap gains taxes themselves on it. The estate lawyer recommended not having any taxes be witheld from this money, but to just pay the taxes next April.
But if these taxes cause me to write a big enough check to the IRS (instead of getting a refund as I usually do) won't the IRS then require me to do quarterly payments of taxes in the following tax year?
But if these taxes cause me to write a big enough check to the IRS (instead of getting a refund as I usually do) won't the IRS then require me to do quarterly payments of taxes in the following tax year?