topic Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be. in Retirement tax questions

Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.

rpstod — Sat, 17 Aug 2019 03:33:06 GMT

Re: Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.

Anonymous_ — Sat, 17 Aug 2019 04:34:39 GMT

"Can I use Turbo Tax to estimate next years taxes?"

Yes, but it will not be exact - it will be an estimate, however, and give you a rough idea. You can also use TaxCaster (see link below).

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

Re: Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.

SweetieJean — Sat, 17 Aug 2019 21:21:28 GMT

If it's a Traditional IRA, keep in mind that you will owe Federal and state taxes, plus perhaps a 10% early withdrawal penalty. If you are collecting Social Security, it can also make more of that taxable, plus lower or eliminate some deductions/credits.

You are wise to test this out in advance.