Future tax owing

Forum|Forum|7 years ago
June 6, 2019
1 reply
7 views

I want to find out how much extra I need to have deducted from my pay during 2019 so that I will not owe taxes in 2020--I don't know how to go about it. I am employed full-time and receiving Soc Sec retirement benefits. I didn't receive SS retirement the entire year of 2018, so I do not owe. I want to avoid owing when I file in 2020.

Best answer by Vanessa11_2

You can also use TurboTax to help you figure out what you should enter on your W4

To do this click on the following once fully logged into your return:

Federal in the black on the left
Other Tax Situations
Answer the questions to get to the "We're almost there" screen
Click Add more uncommon situations
Show more next to Other Tax Forms
Start next to W-4 and Estimated Taxes
Yes to Do you want to change your W-4
Answer the questions for TurboTax to help you fill out a new W4 for your employer

You can also figure out your tax rate based on your expected taxable income, using the 2018 Tax Rates percentage and have Social Security withhold that percentage from your SS benefits. The rates in 2019 will be similar to 2018.

Vanessa11_2Answer

Level 13

You can also use TurboTax to help you figure out what you should enter on your W4

To do this click on the following once fully logged into your return:

Federal in the black on the left
Other Tax Situations
Answer the questions to get to the "We're almost there" screen
Click Add more uncommon situations
Show more next to Other Tax Forms
Start next to W-4 and Estimated Taxes
Yes to Do you want to change your W-4
Answer the questions for TurboTax to help you fill out a new W4 for your employer

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