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ladyhawk2009
New Member

I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

 
3 Replies
xmasbaby0
Level 15

I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

States that tax Social Security benefits:

CO, CT, KS, MN, MO, MT, NB, NM, ND, RI, UT, VT, WV

These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

 

States that do not have state income tax and/or do not tax retirement income:

AK, FL, IL, MS, NV, NH, PA, SD, TN, TX, WA, WY

 

 

States that may tax retirement income from IRA's, pensions, etc.:

AL, AR, AZ, CA, CO, CT, DE, DC, GA, HI, IA, ID, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, RI, SC, UT, VA, VT, WI, WV,

This is a “general” list.  Some of these states have complicated laws that exclude certain types of retirement income, or provide certain income exclusions and age deductions.  This list does NOT refer to Social Security benefits.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ladyhawk2009
New Member

I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

Thank you’ very helpful!

fanfare
Level 15

I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

I use 2019 software to estimate my 2020 tax - I know what to expect, no surprises.

At this late  point in the year, you should watch for the CD/Download 2020 version and get it as soon as it is available.

 

 

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