What if an estate underpaid taxes on a retirement payout? | NC

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Q: What happens if the estate underpaid taxes tied to a retirement account payout, and how can it be corrected? A: If an estate underpaid income tax connected to a retirement account distribution, it usually is not the end of the world—but it does need to be fixed. The first step is to confirm who was supposed to pay the tax in the first place. Sometimes the retirement payout is taxable to the…