My wife and I are retired. We filed our Federal and State for 2019 and are trying to calculate our Estimated taxes for 2020. Our income consists of one pension, two IRA distributions, two Social Security distributions, interest, and dividends. We take the standard deduction. When I use the estimated taxes feature on our 2019 edition of Turbo it assumes we have wages, which we do not. and seems not to have a taken into account we are retired and only 85% of our social security is taxed. How does one handle 2020 estimated taxes if one is retired and collecting Social Security?.
What I did was re-save my 2019 tax forms as ESTIM-2020 and change the amounts that I will receive in 2020 for the pension, IRAs, and Social Security. Is this an acceptable way to calculate 2020 Estimated Taxes?