Question

I am a retiree. How do I prepare for 2018 income taxes?

Forum|Forum|7 years ago
June 4, 2019
6 replies
0 views

This is more complicated than doing my taxes.

Bite Me Turbotax!

TurboTax Home & Biz Windows

Employee

What questions do you have? You are posting from the Home & Business version. Do you have self employment income?

Employee

Since the TurboTax software for 2018 has not even been released, what is the issue you are having in preparation for doing your 2018 tax return?
Need Info? See this TurboTax support FAQ - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return</a>
And - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform">https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform</a>

Employee

And the 2018 program won't come out until November. Did you get an email about renewing your Advantage Account?

denniskmiecAuthor

I had my first mandatory withdrawal from my IRA's.

Employee

You will receive a Form 1099-R in January of 2019 for any withdrawals from the IRA in 2018.
The Form 1099-R is reported on your federal tax return when filing the 2018 tax return next year. The taxable amount withdrawn is entered as ordinary income and is taxed at your 2018 current tax rate.

Employee

>> use the WHAT IF tool in the 2017 program to estimate 2018 taxes now ... make sure to click the 2018 option ...

- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view)

- Click on the Open Form Icon

- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form

- You will see the worksheet on the right side of the screen; enter the information right into the form

- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

denniskmiecAuthor

If the 2018 tax reform is not incorporated, why waste my time?