Best tax estimate sites?

[fisemper]

I'm looking to find a good site that includes the NIIT paid on top of capital gains. I just found out about this tax this week and it put a major dent in my plans so I need to go back and readjust. IRS website only shows this as additional medicare tax. Based on my situation and depending on outcome(sell price/time), I'm expecting an extra 17K-33K that will need to be paid, yet the IRS estimate was just over 4K, but overall tax was very high.

I have this set up on my investment spreadsheet, but would like to know I am doing the calculations correct. I'm going with anything over the $250K (married joint) limit being 3.8% additional. (How is this not double taxation)

 

[statsman]

It's not double taxation. It's a tiered tax rate.

So, it sounds like you're looking at $447K-$868K of taxable capital gains beyond the $250K income threshold for the NIIT. That's a wide range to account for.

 

[Time2]

I only know of two and not sure if either covers your situation, if either one does, it would more likely be the first, but the second is much more user friendly.
If you need help, look for Case Study Spreadsheet (CSS) on MMM.



https://drive.google.com/file/d/1klX_6nqOZG-CkGccNQcurzVWjfV5QXoU/view



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

 

[fisemper]

Very much appreciated. Looks in-depth so I'll take some time to play around with these.

 

[pb4uski]

While I like the dinkytown calculator I'm not sure if it include NIIT or not.

Another option if you use TurboTax is to go back to your 2019 return and open up a What-If worksheet.... I'm pretty sure that would include NIIT but don't know for sure.

 

[samm]

Here is another tax calculator to consider.

https://smartasset.com/taxes/income-taxes

 

[statsman]

Another option if you use TurboTax is to go back to your 2019 return and open up a What-If worksheet.... I'm pretty sure that would include NIIT but don't know for sure.

I believe I did something like that back in 2018 when we were selling our house, but I had to deal with the changes to the tax rates and rules that impacted just how accurate of an estimate I could get.

Given our house sale in California was going to subject us to the NIIT, I ended up using a spreadsheet as most of the calculators didn't account for it. My spreadsheet and TurboTax What-If were in the same ballpark, so I was good with that. Turns out I was low by less than 0.5% of the filed NIIT amount.

 

[Midpack]

Another option if you use TurboTax is to go back to your 2019 return and open up a What-If worksheet.... I'm pretty sure that would include NIIT but don't know for sure.

+1. Best estimator I’ve found, and another benefit to using TT.

 

[kaneohe]

................................. IRS website only shows this as additional medicare tax. Based on my situation and depending on outcome(sell price/time), I'm expecting an extra 17K-33K that will need to be paid, yet the IRS estimate was just over 4K, but overall tax was very high.

.......................................................(

Not sure what you're looking at on IRS website but additional medicare tax and NIIT are different by a factor 4+

"14. Will I have to pay both the 3.8% Net Investment Income Tax and the additional .9% Medicare tax?
You may be subject to both taxes, but not on the same type of income.

The 0.9% Additional Medicare Tax applies to individuals’ wages, compensation and self-employment income over certain thresholds, but it does not apply to income items included in Net Investment Income. See more information on the Additional Medicare Tax."