turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I retired in 2018 will i have to pay a penalty if i don't get my withholding accurate for 2019?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Ashby
New Member

I retired in 2018 will i have to pay a penalty if i don't get my withholding accurate for 2019?

If you do not pay 100% of tax for the 2018 year or 90% of tax for the 2019 year, you could owe a penalty. But, if your overall tax owed is less than $1,000, there is no penalty.

I retired in 2018 will i have to pay a penalty if i don't get my withholding accurate for 2019?

how do i calculate the needed withholding for 2019 ? I'm receiving social security, CSA retirement & a TSP annuity
Ashby
New Member

I retired in 2018 will i have to pay a penalty if i don't get my withholding accurate for 2019?

You can use the withholding calculator through the link below. Just treat each source of income as a "job". Also, your human resources department through the government should be a source of help for this as well.
<a rel="nofollow" target="_blank" href="https://apps.irs.gov/app/withholdingcalculator/">https://apps.irs.gov/app/withholdingcalculator/</a>

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question