For the 2022 tax year, my wife and I received a refund of approximately $2,500.
Turbo Tax is estimating we will owe about $6,600 for the 2023 tax year. I am retired and have not opted for Social Security. Next year my income from a pension plan will be the exact same amount and I am not planning on signing up for Social Security in 2023. So no change for me.
My wife is still working and plans to work in the exact same job next year.
We filed a joint return and will do so again for the 2023 tax year.
While the vast majority of our investments are in mutual funds, we did have about $2,000 in dividends from an individual stock we own. We are not adding to our holding in 2023 so I would estimate the dividends would be about the same.
We took the standard deduction and unless something exceptional happens, we will do the same in 2023.
So, with all of the above information, why is Turbo Tax estimating our taxes will increase by around $9,100?
Thank you.
