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!