We remind all members that pay taxes in the United States, that Monday, September 17, 2018, is the deadline to make the third quarterly payment of estimated taxes for the year 2018 (Federal and/or State) for pensions received from the IDB . According to the Internal Revenue Service of the United States (IRS), the quarterly estimated tax payment is the method by which taxes are paid on income that is not subject to withholding. The IDB does not withhold money from pensions for the payment of taxes; thus, retirees must pay quarterly estimated taxes.
Note that if you do not pay tax throughout the year through the quarterly estimated payment method, you could incur a penalty by the IRS for underpayment of estimated tax.
For more information on quarterly estimated taxes or to download Form 1040-ES, visit: https://www.irs.gov/pub/irs-pdf/f1040es.pdf
Pensions and Taxes Committee
Association of Retirees, IDB Group