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Estimate taxes (1st year in retirement)
I retired at the end of last year and am trying to determine my taxes for this year.
Below is my income and major expenses:
- Income:
Pension : $51,948
IRA Withdrawal: $88,000 (Moving money into Roth IRA)
SSN $21,373
Rental Income $24,000 (Property in CA)
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Total: $185,321
- Rental Property Expenses in CA:
Mortgage $11,375
HOA Fees 4,752
Property Tax 4,168
Insurance 1,000
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Total $21,295
Other factors:
HSA Contribution: $3,000
Med Insurance cost: $5,400 (COBRA from Jan - Aug)
Turn 65 in September
What would be my approximate tax? Taxes are being withdrawn from my Pension, but won't come close to being the final amount.
Do I only need to prepay 110% of my 2021 burden so I won't be hit with a penalty?
Also would only my Rental property income be counted for CA state tax (moved to NV in May 202)?
‎July 27, 2022
10:59 AM