Retirement and estimated taxes

Tillie9 — Wed, 30 Aug 2023 16:45:11 GMT

I retired May 18, 2023. Do I still need to submit estimated tax for June?

Re: Retirement and estimated taxes

CatherineR — Wed, 30 Aug 2023 16:52:40 GMT

Congrads on retirement Tille9!

If you believe you will owe a balance due at year end for 2023 greater than $1000 then you should make estimated tax payments or have withholdings taken from Social Security. Here is a link to our Turbo Tax Caster to assist you in calculating your taxes:

Turbo Tax Caster

Or if you used TurboTax for filing your 2022 tax return, then the software can also help with figuring out the estimated taxes:

Estimated taxes for next year

Based on your 2022 tax info, we’ll use the lower of the following IRS-approved methods to calculate your estimated tax payments.

90% of your estimated 2023 taxes 100% of your actual 2022 taxes (110% if your adjusted gross income was higher than $150,000, or $75,000 if Married Filing Separately)

There are additional IRS-approved methods available and the program will list them.

Best Wishes on your retirement!

topic Retirement and estimated taxes in Self employed

Retirement and estimated taxes

Re: Retirement and estimated taxes