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Adjusting next year estimated taxes

Retired mid-2021. Filing MFJ. Income from defined benefit pension, wife's annuity, and wife's RMD will require SSA payments for both of us to be 85% taxable. No withholding on any of it, since I want to pay quarterly estimated taxes. Followed the instructions in https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim.... It did not distinguish between SSA and other retirement payments. So, 

a) Do I feed the TurboTax (desktop, windows, 2021) estimated tax calculations only 85% of my SSA income, since that's what I'll be paying taxes on? 

b) I may need to do retirement plan withdrawals in 2nd half of the year, but don't yet know how much, if any, or whether I'll pull from tax-deferred IRAs or non-taxable Roth. If I pull from tax-deferred IRAs, how do I update the estimated tax calculation to make an appropriately updated est tax payment?   

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1 Best answer

Accepted Solutions
MaryK4
Expert Alumni

Adjusting next year estimated taxes

a.) Yes, enter the 85% social security ti get an accurate figure.

b.) You can use the IRS Tax Withholding Estimator later in the year to adjust your estimated tax payments. This service is unavailable from December 30, 2021, until late January 2022 for planned maintenance, but once it is updated for 2022, you can enter your information before you make the estimated payment or withdrawal.

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1 Reply
MaryK4
Expert Alumni

Adjusting next year estimated taxes

a.) Yes, enter the 85% social security ti get an accurate figure.

b.) You can use the IRS Tax Withholding Estimator later in the year to adjust your estimated tax payments. This service is unavailable from December 30, 2021, until late January 2022 for planned maintenance, but once it is updated for 2022, you can enter your information before you make the estimated payment or withdrawal.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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