Est tax calculator?

[ecowtent]

I bought a new computer and tried copying over my bookmarked sites and have lost a website. Someone recommended a website to calculate estimated quarterly taxes. Suggestions on ones you use to estimate? I plan to set one up in my retirement spreadsheet, but haven’t had the time yet! Thank you! M

 

[SevenUp]

Maybe Tax estimation tools - Bogleheads?

If you are trying to meet the safe harbor based on last year's tax liability, all you need is to divide that (or 110% of that) by 4.

 

[ecowtent]

That wont work this year. Last year we both had employment income for part of the year. This is the first year fully retired.

 

[RunningBum]

Are you going to be able to estimate your income this year? Because safe harbor or a reasonably accurate income estimation is the only way to do this. A spreadsheet isn't going to be able to pull numbers out of thin air.

If you can estimate your income, there are a number of tax calculators. https://www.irscalculators.com/tax-calculator is the one I prefer. Get your tax for the year and divide by 4.

 

[VanWinkle]

This is my preferred calculator:

https://www.mortgagecalculator.org/calcs/1040-calculator.php

 

[Midpack]

I would use one of these:

https://www.dinkytown.net/java/us-easy-tax-estimator.html

https://www.dinkytown.net/java/1040-tax-calculator.html

I have a home built spreadsheet to manage Fed and state estimated taxes, but I use the second link to double check Federal. They haven’t updated to 2024 yet, but hopefully soon.

 

[sheldon cornped]

I create a separate "mock" tax return using 2023 HR block program tax return. All I have to do is plug in any modifications through the year to determine how much quarterly tax I will owe. It has worked well over the years and always maintains safe harbor.

 

[HI Bill]

I like this one: https://www.irscalculators.com/tax-calculator

 

[big-papa]

Maybe Tax estimation tools - Bogleheads?

I've been using this one for years while working in order to get my withholdings optimized. It's linked on the bogleheads page shown above.
https://www.bogleheads.org/wiki/Tools_and_calculators#Personal_finance_toolbox

Will continue to use it going forward now that I'm retired.

Cheers.