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How can I better predict a % of social security will be taxable to best make estimated payments

First year of being retired and had not planned on that.  Can you give me a better way to estimate how much I will owe given retirement income BEFORE Social Security of approximately $85-90k

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marctu
Employee Tax Expert

How can I better predict a % of social security will be taxable to best make estimated payments

So life changes happen sometimes unexpectedly.  I do hope that you will adjust to this life change.  So based upon your question stating that the other income is in the 85 to 90K range, we do not need to go through a bunch of scenarios.  85% of your Social Security benefits will be taxable.   So this is what you should plan on when making estimated tax payments.  

 

Most states do not tax Social Security benefits.  The States that do tax Social Security benefits are Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah and Vermont.

 

Thanks again for the question  @kaconley37 

 

All the best,


Marc 

Employee Tax Expert

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