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We retired last June & Dec. 2018 & not sure if we need to pay est. taxes next year for 2019? We owed $2K in 2018 on our taxes. Inc. will decrease significantly this year.
We had income from our jobs of $121K in 2018, but have since retired end of the year. We will receive pension disbursements of $61K this year 2019. Turbo Tax said we need to pay estimated taxes for 2019 since we owed $2200 on our federal return. How can we tell if we’ll need to pay and if we changed our deductions to 0 from 1, will that cancel the need to pay est. taxes. We are making sure we have 12% of our income deducted for taxes. Thanks.
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June 1, 2019
8:40 AM