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You can use the TurboTax calculator TaxCaster to make estimates on taxes owed or a tax refund - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
@DoninGA wrote:
You can use the TurboTax calculator TaxCaster to make estimates on taxes owed or a tax refund - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
The Taxcaster takes into account the impact of other income on social security.
NONE of these address the tax impact of withdraw of the choices of the various retirement funds. For the price I pay, and have paid for around 30 years of turbotax and about 10 years of deluxe turbotax you ought to do better for us retirees.
@degan417 wrote:
NONE of these address the tax impact of withdraw of the choices of the various retirement funds. For the price I pay, and have paid for around 30 years of turbotax and about 10 years of deluxe turbotax you ought to do better for us retirees.
Sure they do. Or, can you be more specific as to why they are not showing you what you want to see?
For example, if you use the Taxcaster, enter your social security and your 401k or IRA, and it will tell you what your tax will be. It doesn't have a place to enter Roth (non-taxable) benefits, because that doesn't go on your tax return, and maybe that is what you are missing. But if you wanted to test, for example,
$24,000 of social security plus $50,000 IRA
compared to
$24,000 of social security plus $30,000 IRA plus $20,000 Roth IRA,
then just enter the taxable items, write down the result, and change the taxable items and write down the new result. You don;t need to enter the non-taxable items because they are not taxable.
If you are asking about Medicare IRMAA, that is not an income tax issue, so it's not on the TaxCaster.
You might need to see a Financial Planner or Accountant for that. Or if you have the Desktop installed program there is a What-If Worksheet you can play with. My tax situation changed a lot in 2024 so I'm using the What-If worksheet. You can compare different scenarios. Or you can copy your return with another name to test in.
To find the What-If worksheet, Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.
@degan417 at it's core, Turbo Tax is a tax reporting software tool; it is not a forecasting tool nor is it marketing as one; even Taxcaster won't provide 2024 tax intel - it is still set to 2023 (last I looked).
you can use this tool to determine 2024
https://www.dinkytown.net/java/1040-tax-calculator.html
if you use TaxCaster for 2024 while it is still set to 2023, it will overstate your taxes.
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