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Level 1
Jun 23, 2020 8:54 PM UTC
Question

Tax liability for2020

HI I am looking for advice I retired in January 2020 . I am looking for tax liability for 2020

I had a gross pay of 8995.00

My fed income tax withheld 1192.00

my Ct Tax withheld 384.96

I took a gross amount out of my 401 K of 23285.00

But paid 4657.00 in Fed tax on it

Also paid 1627.00 in Ct tax on it

My social security for 2020 will be 16970.00

 

Will I owe any monies or will I get a refund

I don't deduct property taxes or mortgage interest based on the new laws

 

Thank you for your assistance

 

    2 replies

    Level 15
    Jun 23, 2020 9:03 PM UTC

    You can use the TaxCaster here.

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

     

    Although it is labeled for 2019, there are no significant changes for 2020 (yet). 

    fanfare
    Level 15
    Jun 24, 2020 12:18 AM UTC

    Use your 2019 turbotax or other desktop tax software to prepare a trial return. Enter amounts for  2020. The results will be close enough,