The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Related Content You May Need to Make Estimated Tax Payments If… Have income that isn’t subject to tax withholding? Or insufficient withholdings? You may have to pay estimated taxes. Asset Allocation Consider how your assets are allocated and if that allocation is consistent with your time frame and risk tolerance. Retirement Income and the Traditional Portfolio Experiencing negative returns early in retirement can potentially undermine the sustainability of your assets.