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Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.
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August 16, 2019
8:33 PM
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Retirement tax questions
"Can I use Turbo Tax to estimate next years taxes?"
Yes, but it will not be exact - it will be an estimate, however, and give you a rough idea. You can also use TaxCaster (see link below).
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
August 16, 2019
9:34 PM
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Retirement tax questions
If it's a Traditional IRA, keep in mind that you will owe Federal and state taxes, plus perhaps a 10% early withdrawal penalty. If you are collecting Social Security, it can also make more of that taxable, plus lower or eliminate some deductions/credits.
You are wise to test this out in advance.
August 17, 2019
2:21 PM