We retired last June & Dec. 2018 & not sure if we need to pay est. taxes next year for 2019? We owed $2K in 2018 on our taxes. Inc. will decrease significantly this year.

[debandnate]

We had income from our jobs of $121K in 2018, but have since retired end of the year. We will receive pension disbursements of $61K this year 2019. Turbo Tax said we need to pay estimated taxes for 2019 since we owed $2200 on our federal return. How can we tell if we’ll need to pay and if we changed our deductions to 0 from 1, will that cancel the need to pay est. taxes. We are making sure we have 12% of our income deducted for taxes. Thanks.

[Rachel_W]

It doesn't sound like you will need to pay estimated taxes based on your expected drop in income due to retirement.  The year of retirement and the first full year of retirement are always tricky transitional tax years.  I recommend using the IRS withholding calculator to help you estimate your withholding needs so that you have enough to cover your 2019 tax liability: https://www.irs.gov/individuals/irs-withholding-calculator.