calculate 2022 taxes for new retiree

[Wampuskat-8]

Hi. I retired Jan 14, 2022. I'm trying to estimate 2022 taxes but when I use the IRS tool it says I can't use it because I'm not employed any longer (it's only for employed). Does Turbotax have a tool I can use? Or do you have another recommendation? Thanks.

[OpeA1]

Hello @Wampuskat-8 !

Yes, Turbo Tax does have a calculator you can use for free! It is called TaxCaster.

Please click on this link: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ 

1. Go to Tools and Resouces
2. Tax Calculators
3. TaxCaster tax calculator.

Thank you!

[Wampuskat-8]

I used that but it's asking me for 2021 info and not 2022. I put in 2022 info/estimates but is the result accurate since it's asking me for 2021 info?

[OpeA1 · Accepted solution]

Yes, that should be fine. Please note that it is only an estimate.

Congratulations on your retirement!!

[Wampuskat-8]

Thanks! Another question: I'm enrolled in healthcare.gov and using that for our health insurance. I'm receiving subsidies based on our 2022 estimated income. I'm assuming when I do my 2022 taxes next year Turbo Tax will ask me about our 2022 actual income, compare it against what we paid in premiums based on the estimated income I submitted and reconcile (we paid too much or too little in premiums), right?

[OpeA1 · Accepted solution]

Yes, @Wampuskat-8  that is correct. Turbo Tax will ask and do the reconciliation for you. That is what make our software one of the best in the industry!

Thank you for being a valued customer!