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!
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!
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!
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!
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.
Try this one:
https://www.mortgagecalculator.org/calcs/1040-calculator.php
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/
Have you tried the IRS tax withholding estimator?
https://www.irs.gov/individuals/tax-withholding-estimator
Take a look at this free tax calculator.
https://sites.google.com/view/incometaxspreadsheet/home
Since you mentioned you would be okay with a 2023 calculator,
couldn't you just use Turbotax 2023 etc (desktop, not website) ?
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
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"?
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!
Sysop: | Keyop |
---|---|
Location: | Huddersfield, West Yorkshire, UK |
Users: | 300 |
Nodes: | 16 (2 / 14) |
Uptime: | 47:39:59 |
Calls: | 6,710 |
Calls today: | 3 |
Files: | 12,243 |
Messages: | 5,354,497 |
Posted today: | 1 |