Good day from California and thanks for this opportunity to ask questions. I retired in January (with the last check for vacation payout received in February). My wife and I have income through small pensions, a part-time job (no Federal tax withheld) and her Social Security. I intend to start collecting Social Security January 2023. We may also need to take distributions from investments in 2023 as well.
I am having difficulty finding an online calculator to take into account these various income streams to estimate taxes, even with TurboTax. Do you have any suggestions?
Thank you!
Hello,
Did you tried the following Turbo Tax and IRS links:
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
https://turbotax.intuit.com/tax-tools/calculators/w4/
https://www.irs.gov/individuals/tax-withholding-estimator
Please let me know if you need any clarification on the above or have any additional questions.
Hello! I know that you stated that the TurboTax W-4 calculator does not give you the opportunity to include multiple income, but you do have the option to enter zero jobs for 2022, which then opens up fields for other income received as well as federal and state tax withholding for both you and your spouse. If you have more than one pension/SS, you can always total the amounts for both income streams before entering: W-4 Calculator 2022
You can also use the Taxable Social Security calculator to determine the amount of taxable SS benefits to include in your W-4 calculations. Hope this helps!