topic When can I start my 2019 taxes? in Get your taxes done using TurboTax

When can I start my 2019 taxes?

SFsarge — Thu, 28 Nov 2019 02:03:47 GMT

I need to do my RMD by 31 Dec 2019. Also I want to take an additional amount from my 401K (which must be done by 31 Dec 2019) but need to know how much the additional withdrawal will raise my taxes.

Re: When can I start my 2019 taxes?

xmasbaby0 — Thu, 28 Nov 2019 04:08:59 GMT

Desktop software for 2019 is already available; online TurboTax for 2019 returns will be available on December 4, 2019. The software still has some glitches and will need numerous updates, but you could start a 2019 return to get an estimate of where you stand.

Re: When can I start my 2019 taxes?

NCperson — Thu, 28 Nov 2019 11:00:17 GMT

the additional tax on the additional withdrawal will be dependent on your marginal tax bracket...... simply google '2019 tax bracket' and there are a number of websites that provide this information.

don't forget any state taxes - same thing - google 'tax bracket' for your state.

Re: When can I start my 2019 taxes?

dmertz — Thu, 28 Nov 2019 14:12:08 GMT

There's often far more to determining marginal tax than just the tax bracket for ordinary income, particularly for someone subject to RMDs from a 401(k) since increases in ordinary income can affect how much Social Security income is taxable. To accurately estimate the additional tax liability it's necessary to simulate the entire tax return.