I'm looking for a tool, website or something that I can use to estimate my income taxes. Reason is, I have no withholding set for my regular income. My income is very simple and I will be doing it myself this year. In mid Dec. I will take our MRD, at that time I will do the withholding from this money. I should be able to come out close to even. Should work, right?
Soon to be tax time.
- Thread starter Oldmoparguy1
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Should work, but there is one thing to consider. With no withholding on your income throughout the year, you may want to check IRS rules on waiting until December to take all your withholding at once. Don't know for sure, but they may require you to take some withholding throughout the year.
You may pay a penalty for waiting until the end of the year. Typically, you go to the IRS website in the early part of the year and print out the estimated tax form, one for each quarter. If I recall, they are due April 15, June 15, Sept 15 an Dec 15 (not sure about that last one.). Make sure that you do this for nest year. I think the form you print out are the 1040-ES forms.
Turbo Tax
Like others have mentioned, it might be too late for you already. I recall the year my dad retired, he had worked for the first few months, so originally, looking only at the year overall, he did not have an adequate tax withholding on average, but after typing in the quarterly income/withholding, there was no longer a penalty.
I suppose, based on my little experience, if you were able to show that all of your income was earned in the last quarter, you might not have to pay a penalty.
Regardless, any tax software should be able to do what you want, but you could likely get close by figuring out your tax bracket and manually calculating.
I suppose, based on my little experience, if you were able to show that all of your income was earned in the last quarter, you might not have to pay a penalty.
Regardless, any tax software should be able to do what you want, but you could likely get close by figuring out your tax bracket and manually calculating.
I have a friend,,,He is a CPA, its a thought , there is no way I could understand the miles of lingo in those tax books, and turbo tax is great, but does it get to all the short cuts and stuff like that??
Haven't even checked to see of '18 is available yet, but I'll give a big shout out to FreeTax USA (Fed is free, state runs a few bucks). Switched when TaxAct raised its prices to near the big boys. This is a straight to the point, no looping around with unnecessary questions about life events, package that (after one year) is the best I've seen. And you can fool around with it for free.
Originally Posted by WyrTwister
Turbo Tax
Agreed. I use it and prefer it. Lots of Tax tips included.
Turbo Tax
Agreed. I use it and prefer it. Lots of Tax tips included.
Thanks guys, good info.
GOOGLE new tax tables and rules. Ed
Isn't 2018 first year of massive changes? I wonder if software has caught up yet before the tax season starts. Just guessing prior to this tax rules were tweaks to existing platforms year to year. Now a significant overhaul. This is an extremely experience Technical Architect clueless on income tax so take this comment with grain of salt.
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Haven't paid taxes in years.Got a tax attorney and helps me file a loss. Already paid on goods and services dont think I like paying again too.
If you want an estimate of what you owe Uncle Sam, click on the 1040 tax calculator at dinkytown.net. Then fill in the blanks.
Not sure which way you went with this, but Credit Karma's free tax software is pretty nice. Problem is, they don't have a lot of the State filing ready yet. I took the time to go through it and only at the end found out they're not ready for NY yet. Grrrr!
I've been using Taxact for years. Problem is, it's like $79 all in for Fed, State and E-file now.
I've been using Taxact for years. Problem is, it's like $79 all in for Fed, State and E-file now.
I quickly ran my numbers in the H&R Block software that I've been using for years now. Essentially the same as last year, only difference less taxes during the year and a much smaller federal refund (essentially 40% of last years).
YMMV
YMMV
I left TurboTax for TaxAct a few years ago because TurboTax got too expensive, this year TaxAct wanted $70 for Fed+State and I found out after I entered everything!
Found the below site and the federal return was free, and $12.95 for state. Had to manually enter the W-2s, but well worth it. My federal refund and amount owed to the state were identical to TaxAct.
https://www.freetaxusa.com/
Found the below site and the federal return was free, and $12.95 for state. Had to manually enter the W-2s, but well worth it. My federal refund and amount owed to the state were identical to TaxAct.
https://www.freetaxusa.com/
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Originally Posted by WyrTwister
Turbo Tax
This is what I always use.
Turbo Tax
This is what I always use.
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