[USA] Is there a decent calculator that can help me estimate my taxes for different scenarios?
from acetanilide@lemmy.world to nostupidquestions@lemmy.ca on 11 Dec 00:01
https://lemmy.world/post/22999021

In the USA. Would be great if the calculator also had a state version but it’s ok if not.

I was awarded SSDI this year and am currently withdrawing money from my IRA to stay afloat.

I found the IRS forms - mainly in publication 915 - to calculate my tax burden, but because I also got a lump some from SSDI backpay this year it feels too complicated.

Basically I am trying to see if it makes sense from a tax perspective to withdraw more from my IRA before the end of the year or to wait til next year, and if so, how much more.

I am single and only ever do the standard deduction. I don’t think I qualify for the earned income credit or any other credits that I’m aware of. I’m not in a state with the new IRS direct file program unfortunately.

So does anyone know of a basic calculator I can run different amounts through?

Thanks

#nostupidquestions

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mvirts@lemmy.world on 11 Dec 03:02 next collapse

Idk… Maybe start a return on a TurboTax like site and try different options? Definitely don’t give any payment info.

I’ve used taxact for the past 2 years to no I’ll effect

kersploosh@sh.itjust.works on 11 Dec 03:19 next collapse

I don’t think you’ll find a free, ready-made tool.

The easy solution is to get a commercial tax package like TurboTax and run different scenarios.

The other option is to make a big spreadsheet that mimics the tax forms, with linked cells and logic to match the instructions on the forms. It’s very time consuming, but at the end you will understand your tax situation much better because you’ve sifted through all the details.

Blaze@sopuli.xyz on 14 Dec 22:04 collapse

Feel free to crosspost to !AskUSA@discuss.online