Most of the heavy tax bill was because when you hit 70.5 you are required to withdraw from some retirement savings accounts. BUT, what I did not know was that my wonderful investment guy set up Federal withholding from that withdrawal. So, turns out, I paid $5,000 more in Federal taxes than I needed to. PLUS, because of some losses and that withholding my quarterly taxes this year are just over $1,000!!
My accountant asked me how much of the $5,000 I wanted applied to this year's taxes. I said all of it.
So... to recap... all of my Federal taxes for 2020 will be paid up PLUS I get a refund that will cover the CPA's bill and still give me about $500 cash.
Holy fucking tax jackpot!! I am so glad I resisted the urge to do my taxes myself.
I can hardly believe it. Wow.