Calculating Taxes with Social Security

[Retiredmajor]

I'm trying to get a handle on what our taxes might be next year IF DW and I begin our SS. I realize it'll just be an estimate but I'm hoping to find a quality calculator.


Do you know of any?
Thanks, Major

 

[CardsFan]

I found this calculator pretty simple to use, and accurate compared to my final Turbotax calculation: https://www.mortgagecalculator.org/calcs/1040-calculator.php

Also, Turbotax, if you use it, has a what if sheet.

 

[Ed_The_Gypsy]

I used Taxcaster from Turbo tax to plan our SS taxes and TIRA to Roth conversions.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/http://


I confirmed with H&R Block's tax estimator. Both are updated for the new tax law.

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou

Our situation is much simpler than many but the new tax law simplified our situation even more. I found the exercise extremely useful.



If these links give you trouble, Google each.

 

[Katsmeow]

I found this calculator pretty simple to use, and accurate compared to my final Turbotax calculation: https://www.mortgagecalculator.org/calcs/1040-calculator.php

Also, Turbotax, if you use it, has a what if sheet.

I used this throughout last year and it was very accurate. However, I don't see that they have one for 2019 taxes.

I haven't one yet for 2019 taxes anywhere.

 

[SumDay]

I created a "dummy" account in my 2018 H&R Block program and entered:

1. Projected SS payments for 2019
2. Anticipated IRA withdrawals for 2019
3. Pension payments I will receiv this year
4. Interest from our taxable accounts
5. Anticipated federal tax withholding I elected from 1-3 above

and then I was given a total tax due. I'm ASSuming this will be close enough for our 2019 taxes. If my thinking is flawed, I'm certain someone will tell me about it.

 

[donheff]

TaxSim seems to work pretty well. I used it to compare our taxes before and after SS earnings. I think I learned about it here.

 

[CardsFan]

I used this throughout last year and it was very accurate. However, I don't see that they have one for 2019 taxes.

I haven't one yet for 2019 taxes anywhere.

I have not seen an update for 2019 either. However, the Turbotax What-If sheet does include an option for using 2019 rates and brackets.

 

[kaneohe]

I used this throughout last year and it was very accurate. However, I don't see that they have one for 2019 taxes.

I haven't one yet for 2019 taxes anywhere.

typically way too early for most to have 2019 calculations but the changes from 2018 will likely be way smaller than uncertainty in your income situation.....so fine for estimating.

 

[pb4uski]

I used this throughout last year and it was very accurate. However, I don't see that they have one for 2019 taxes.

I haven't one yet for 2019 taxes anywhere.

You just need to check the checkbox near the top of the What-If Worksheet to use 2019 rates (IIRC rates are not different but brackets are slightly higher due to COL adjustments).

 

[cbo111]

I have not seen an update for 2019 either. However, the Turbotax What-If sheet does include an option for using 2019 rates and brackets.

I am looking to move some tIRA to Roth and cannot find this "what if worksheet" in turbotax. I have 2018 TT Deluxe and would like to model the potential tax hit for next year. Any help would be greatly appreciated. thanks

 

[donheff]

I don’t have ready access to TT. But IIRC you get it in forms view or searching in forms.

 

[CardsFan]

It is hidden really well!

I used Premier, but I suspect it is in the same location.

Open your current return.

Under View, click on Forms.

Scroll down through the forms for your Federal return.

About 8 or 10 from the bottom there is a form called "What-If Wks"

That's it.

Good luck

 

[cbo111]

Thanks, I found it.

 

[audreyh1]

I am looking to move some tIRA to Roth and cannot find this "what if worksheet" in turbotax. I have 2018 TT Deluxe and would like to model the potential tax hit for next year. Any help would be greatly appreciated. thanks

Look for “what if” under the list of forms. It’s a very nice feature. I think I’ve searched for it too.

 

[braumeister]

As I recall, it's not listed in the Forms section by default. You have to use the "Open Form" menu item and then you'll find it in the long scrolling list.

 

[foxfirev5]

I used Taxcaster from Turbo tax to plan our SS taxes and TIRA to Roth conversions.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/http://


I confirmed with H&R Block's tax estimator. Both are updated for the new tax law.

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou

Our situation is much simpler than many but the new tax law simplified our situation even more. I found the exercise extremely useful.

Even though I filed with TurboTax I've used the H&R Block estimator for a few years. Very accurate.