If I withdraw $8,000 from my investment portfolio how much will I pay in taxes?

[murad110814]

This is not a 401k, 403b, IRA or Roth IRA. The investment portfolio is comprised of stocks and bonds it would be subject to an early withdraw penalty

[Bsch4477]

There is no penalty for withdrawal of funds from a non retirement account but if you sell an asset at a profit you will pay tax on the gain. 

[murad110814]

I am trying to figure out estimated taxes to pay in Q2 2022, Q3 2022, and Q4 2022 because of the withdraw I need to make can you give me an idea of what that would be or how to calculate that?

[VolvoGirl]

You would need to know the net gain or loss on each sale, not just the proceeds.

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say NO to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

[LeonardS]

The only way to know for sure how much tax will be on your withdrawal of $8,000 would be to enter all your tax information except for the withdrawal and note what your tax liability is on Form 1040 Line 16 Tax.  Enter the information on your $8,000 withdrawal and note what the tax is on Form 1040 line 16.  The increase would be the tax you pay on the $8,000 withdrawal.

[murad110814]

I have turbo tax desktop

[VolvoGirl]

Desktop is good.  You can even do a test return.  Start a new return, go to File-New.  You can switch to Forms mode and open the tax Est options worksheet and do that.