I want to cash in a traditional IRA that I need to claim on next years taxes . How do I figure out how much I will owe next year?

Level 15

Jul 28, 2023 12:19:53 AM

The tax brackets for 2023 are changing.

look it up via google.

then apply your top rate to the amount you plan to withdraw.

Expert Alumni

Jul 28, 2023 5:37:56 AM

Hi @trudyschempp-gma Thank you for using TurboTax Live.

Below are useful tools to estimate your 2023 Individual income tax and determine your tax brackets for 2023:

TurboTax's TaxCaster tax calculator:

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

2022 and 2023 Tax Brackets:

If estimated payments are required you can set up an IRS Online account with the following link:

We hope the additional information is helpful. Please reach out if you have additional questions.

Thanks for using TTLive!

Bonnie, TTLive, Quality Reviewer, Tax Expert