topic I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension. in Retirement tax questions

I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

ladyhawk2009 — Mon, 12 Oct 2020 19:54:42 GMT

Re: I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

xmasbaby0 — Mon, 12 Oct 2020 23:17:38 GMT

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

States that tax Social Security benefits:

CO, CT, KS, MN, MO, MT, NB, NM, ND, RI, UT, VT, WV

These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

States that do not have state income tax and/or do not tax retirement income:

AK, FL, IL, MS, NV, NH, PA, SD, TN, TX, WA, WY

States that may tax retirement income from IRA's, pensions, etc.:

AL, AR, AZ, CA, CO, CT, DE, DC, GA, HI, IA, ID, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, RI, SC, UT, VA, VT, WI, WV,

This is a “general” list. Some of these states have complicated laws that exclude certain types of retirement income, or provide certain income exclusions and age deductions. This list does NOT refer to Social Security benefits.

Re: I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

ladyhawk2009 — Mon, 12 Oct 2020 23:40:09 GMT

Thank you’ very helpful!

Re: I retired 12/2019 and want to estimate my 2020 income tax to avoid any big surprises. Is there a way to do that? My only income is social security and my pension.

fanfare — Wed, 21 Oct 2020 03:17:30 GMT

I use 2019 software to estimate my 2020 tax - I know what to expect, no surprises.

At this late point in the year, you should watch for the CD/Download 2020 version and get it as soon as it is available.