• Estimated federal income tax calculator

    From Stan Brown@21:1/5 to All on Sun Mar 31 19:04:17 2024
    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized
    deductions. (I have created an elaborate workbook that makes these
    estimates, but keeping it up to date every year is a pain, even
    without considering the possibility of my making a mistake. I'm
    hoping I've just been reinventing the wheel.)

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax
    payments.

    If you know of a calculator that does what I need for 2023 but it
    hasn't been updated for 2024, I'd still like to know about it because
    the inflation-adjusted threshold numbers won't be much different
    between the two years.

    Thanks!

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From retired1@21:1/5 to Stan Brown on Mon Apr 1 02:12:03 2024
    On 3/31/24 7:04 PM, Stan Brown wrote:
    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized deductions. (I have created an elaborate workbook that makes these
    estimates, but keeping it up to date every year is a pain, even
    without considering the possibility of my making a mistake. I'm
    hoping I've just been reinventing the wheel.)

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax payments.

    If you know of a calculator that does what I need for 2023 but it
    hasn't been updated for 2024, I'd still like to know about it because
    the inflation-adjusted threshold numbers won't be much different
    between the two years.

    Thanks!


    Take a look at this free tax calculator.

    https://sites.google.com/view/incometaxspreadsheet/home

    It is an Excel spreadsheet that contains most if not all, IRS 1040
    forms, schedules etc. I've used it for the last 5 years as a double
    check when e-filing. I don't use Excel and I've found it works best
    using LibreOffice as opposed to OpenOffice.

    Just did do my e-file, and the two were only 2 dollars apart re final
    tax. I do 1099s -INT, -R, -B, -SSA, -DIV, Sch D & more

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stuart O. Bronstein@21:1/5 to Stan Brown on Mon Apr 1 02:13:43 2024
    Stan Brown <the_stan_brown@fastmail.fm> wrote in news:MPG.4073884a3c06872d9902c9@news.individual.net:

    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized deductions. (I have created an elaborate workbook that makes these
    estimates, but keeping it up to date every year is a pain, even
    without considering the possibility of my making a mistake. I'm
    hoping I've just been reinventing the wheel.)

    Have you tried the IRS tax withholding estimator?

    https://www.irs.gov/individuals/tax-withholding-estimator

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax payments.

    If you know of a calculator that does what I need for 2023 but it
    hasn't been updated for 2024, I'd still like to know about it because
    the inflation-adjusted threshold numbers won't be much different
    between the two years.

    Thanks!




    --
    Stu
    http://DownToEarthLawyer.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Rick@21:1/5 to Stan Brown on Mon Apr 1 11:26:54 2024
    "Stan Brown" wrote in message news:MPG.4073884a3c06872d9902c9@news.individual.net...

    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized >deductions. (I have created an elaborate workbook that makes these
    estimates, but keeping it up to date every year is a pain, even
    without considering the possibility of my making a mistake. I'm
    hoping I've just been reinventing the wheel.)

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax >payments.

    If you know of a calculator that does what I need for 2023 but it
    hasn't been updated for 2024, I'd still like to know about it because
    the inflation-adjusted threshold numbers won't be much different
    between the two years.

    Thanks!


    Try this one:

    https://www.mortgagecalculator.org/calcs/1040-calculator.php


    --

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Taxed and Spent@21:1/5 to Stan Brown on Mon Apr 1 11:26:36 2024
    On 3/31/2024 4:04 PM, Stan Brown wrote:
    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized deductions. (I have created an elaborate workbook that makes these
    estimates, but keeping it up to date every year is a pain, even
    without considering the possibility of my making a mistake. I'm
    hoping I've just been reinventing the wheel.)

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax payments.

    If you know of a calculator that does what I need for 2023 but it
    hasn't been updated for 2024, I'd still like to know about it because
    the inflation-adjusted threshold numbers won't be much different
    between the two years.

    Thanks!




    I haven't looked at this lately and cannot say if it does exactly what
    you want, but check it out. Maybe if it doesn't do it all you can have
    a side spreadsheet to calculate an entry needed for this spreadsheet.

    http://www.taxvisor.com/taxes/

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stan Brown@21:1/5 to Stan Brown on Mon Apr 1 16:14:10 2024
    On Sun, 31 Mar 2024 19:04:17 EDT, Stan Brown wrote:

    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized deductions.

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax payments.

    Thanks to the four folks who replied! I was able to complete my task
    and get the full extent of the bad news. (But of course it's better
    to know than not to know, and now I can make adequate estimated tax
    payments and avoid a penalty when I file next year.)

    I thought it would be helpful to others if I include all four
    suggestions in one post, with a few comments. Some of the things that
    were dealbreakers for me in #3 and #4 might not be for others.

    ======== #1 ========================================================

    On Mon, 1 Apr 2024 11:26:54 EDT, Rick wrote:
    Try this one:

    https://www.mortgagecalculator.org/calcs/1040-calculator.php

    Calculations are done online; there's nothing to download. On the
    other hand, you may have privacy concerns.

    Easy to use, and without the capital gains it matched my own
    computation within a very few dollars. Adding in the capital gains
    told me what I needed to know.

    It's not yet updated for tax year 2024, so with 2024 inflation-
    adjusted brackets the extra tax hit may be a bit less than it
    predicts.

    ======== #2 ========================================================

    On Mon, 1 Apr 2024 11:26:36 EDT, Taxed and Spent wrote:
    I haven't looked at this lately and cannot say if it does exactly what
    you want, but check it out. Maybe if it doesn't do it all you can have
    a side spreadsheet to calculate an entry needed for this spreadsheet.

    http://www.taxvisor.com/taxes/

    Consists of downloadable Excel spreadsheets. In addition to Federal,
    California taxes are included, a plus for me. (Other states don't
    seem to be available.) Spreadsheets are already updated for the 2024
    tax year, another plus.

    Spreadsheets are .xls, not .xlsm, because the site claims
    compatibility with Excel _5_ and above. (I have Excel 2010, and they
    seemed to work fine.)

    The site is http not https, so you have to override a couple of
    warnings from your browser, when visiting and when downloading the spreadsheets. The site offers both Windows installers and just-the- spreadsheets ZIP files.

    The only flaw I found, not a dealbreaker: There's no box to enter
    Social Security, or even the taxable part. Instead you have to
    compute your taxable Social Security yourself, then include that in
    the "other income" box with other miscellaneous income. I've emailed
    the author, suggesting this as a possible enhancement.

    ======== #3 ========================================================

    On Mon, 1 Apr 2024 02:13:43 EDT, Stuart O. Bronstein wrote:
    Have you tried the IRS tax withholding estimator?

    https://www.irs.gov/individuals/tax-withholding-estimator

    Calculations are done online, and the site says no information is
    saved. You don't need to enter your tax ID number or other
    identifying information.

    It's fairly easy to use, but it says in several places that you can't
    use it if you have don't have an income stream from which withholding
    is taken. That rules out retired people who choose to pay estimated
    taxes rather than having taxes withheld. I tried to cheat by entering appropriate amounts in inappropriate boxes, but it wouldn't let me
    proceed without also entering withholding. That's a pity; if it
    didn't have that limitation it would be a useful tool for a lot more
    people.

    ======== #4 ========================================================

    On Mon, 1 Apr 2024 02:12:03 EDT, retired1 wrote:
    Take a look at this free tax calculator.

    https://sites.google.com/view/incometaxspreadsheet/home

    This has also been updated for 2024, a plus.

    High marks for comprehensiveness, not so much for ease of use.

    It's the most comprehensive of the four, but I found it too difficult
    to work with, because it tries to mix interview-type questions with
    entering some numbers on IRS-style forms and schedules. (A plus is
    that it includes a _lot_ of forms and schedules, so it's likely most
    people would find the forms they need.) It's _extremely_ fussy about
    making you enter data in very specific spots, often off to the side
    or on different forms. (For instance, the "over 65" box was
    protected, and it took me quite a while to discover that I had to
    enter my date of birth off to the side instead of just checking the
    box as I had in Filing Status.) If I were trying to _file_ my taxes,
    as opposed to planning them, I would persevere because I'm sure I
    could learn to use it. But since the first two listed above met my
    needs, I shelved this one.

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stan Brown@21:1/5 to Shankar Prasad on Fri Apr 5 19:05:08 2024
    On Fri, 5 Apr 2024 10:14:59 EDT, Shankar Prasad wrote:
    Since you mentioned you would be okay with a 2023 calculator,
    couldn't you just use Turbotax 2023 etc (desktop, not website) ?

    If I had Turbotax 2023 I imagine I could use it. :-)

    Also, you mentioned your main motivation is to estimate your
    liability to make estimated tax payments. In the case of a
    spike in your income for 2024, you can use the Prior Year Tax
    Safe Harbor to avoid underwithholding penalty. That is typically
    100% of 2023-Tax or 110% for higher-income (in 2023).
    More details in Form 2210 and Instructions for Form 2210
    If you can meet the safe harbor, you can delay the finer calculations
    until tax filing deadline next year

    Thank you for this! I completely forgot about Form 2210 and the safe
    harbors. I still want to _compute_ my 2024 tax so that I can make
    sure I set aside enough money to pay it, but I don't actually have to
    _pay_ most of it till April 2025. (Several people provided links to
    helpful tax calculators; see my "mini-reviews" article in this thread
    for the list.)

    Incidentally, Part I of Form 2210 says your _withholding_ must be at
    least the required minimum amount (90% of this year's tax or
    100%/110% of last year's). But Part III says your withholding +
    estimated payments, quarter by quarter, must be at least the required
    minimum amount. "Who Must Pay the Underpayment Penalty" in the <https://www.irs.gov/instructions/i2210> instructions agrees with
    Part III of the form.

    Am I missing something, or is line 6 of part I incorrect in saying
    "Don't include estimated tax payments"?

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Adam H. Kerman@21:1/5 to Stan Brown on Sat Apr 6 12:50:49 2024
    Stan Brown <the_stan_brown@fastmail.fm> wrote:
    On Fri, 5 Apr 2024 10:14:59 EDT, Shankar Prasad wrote:

    Since you mentioned you would be okay with a 2023 calculator,
    couldn't you just use Turbotax 2023 etc (desktop, not website) ?

    If I had Turbotax 2023 I imagine I could use it. :-)

    Also, you mentioned your main motivation is to estimate your
    liability to make estimated tax payments. In the case of a
    spike in your income for 2024, you can use the Prior Year Tax
    Safe Harbor to avoid underwithholding penalty. That is typically
    100% of 2023-Tax or 110% for higher-income (in 2023).
    More details in Form 2210 and Instructions for Form 2210
    If you can meet the safe harbor, you can delay the finer calculations
    until tax filing deadline next year

    Thank you for this! I completely forgot about Form 2210 and the safe
    harbors. I still want to _compute_ my 2024 tax so that I can make
    sure I set aside enough money to pay it, but I don't actually have to
    _pay_ most of it till April 2025. (Several people provided links to
    helpful tax calculators; see my "mini-reviews" article in this thread
    for the list.)

    One year, I had to perform this calculation manually. This is one painful
    form to fill out as the calculation is made separately for each quarter
    and there are almost as many steps as a tax return.

    Incidentally, Part I of Form 2210 says your _withholding_ must be at
    least the required minimum amount (90% of this year's tax or
    100%/110% of last year's). But Part III says your withholding +
    estimated payments, quarter by quarter, must be at least the required
    minimum amount. "Who Must Pay the Underpayment Penalty" in the ><https://www.irs.gov/instructions/i2210> instructions agrees with
    Part III of the form.

    Am I missing something, or is line 6 of part I incorrect in saying
    "Don't include estimated tax payments"?

    The purpose of performing the calculations in Part I is to determine if
    you met your required annual payment through withholding alone. If you
    did, then the penalty does not apply and you don't perform the
    calculations on the rest of the form.

    IRS presumes that income was even throughout the year. The burden is on
    the taxpayer to show that income varied and would therefore benefit from
    using the annualized income method in which the penalty is minimized
    or waived entirely. Even if the taxpayer intends to use the annualized
    income method, he still must fill out Part I.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From tb@21:1/5 to Stan Brown on Mon Apr 8 17:55:38 2024
    On 3/31/24 18:04, Stan Brown wrote:
    Does anyone know of a free or low-cost calculator of estimated
    Federal income tax? It should cover at least Schedules B and D, the
    worksheet that computes taxable Social Security, and the Qualified
    Dividends and Capital Gains worksheet; it need not handle itemized deductions. (I have created an elaborate workbook that makes these
    estimates, but keeping it up to date every year is a pain, even
    without considering the possibility of my making a mistake. I'm
    hoping I've just been reinventing the wheel.)

    The motivation for this is that I need to sell a chunk of my stock
    fund to make a down payment on a house. As you may know, stocks are
    at an all-time high, so I'm going to have pretty large capital gains,
    by my standards anyway. I need to get a handle on what that will do
    to tax year 2024's bill, so that I can make the proper estimated tax payments.

    If you know of a calculator that does what I need for 2023 but it
    hasn't been updated for 2024, I'd still like to know about it because
    the inflation-adjusted threshold numbers won't be much different
    between the two years.

    Thanks!


    See if any of these help you: <https://www.maketecheasier.com/estimate-taxes-with-excel-templates/>
    --
    tb

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)