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August 1, 2023
Question

Newly retired

  • August 1, 2023
  • 1 reply
  • 0 views

I am newly retired and learning that I need to do quarterly filings.  

 

I'm a user of TurboTax.  What can I use to do my quarterly filings that will roll up into TurboTax for 2023 filings?  What product do I need to use?

 

    1 reply

    DoninGA
    Employee
    August 2, 2023

    Unless you plan to have income from self-employment or sales from investments after you retire, usually there is no need to have estimated tax payments.

    Income from a company pension, tax deferred retirement account such as a 401(k) or IRA can have federal income taxes withheld when the funds are distributed.  You can use IRS Form W-4P for those types of retirement funds and give the W-4P to those plan administrators - https://www.irs.gov/forms-pubs/about-form-w-4-p

    If you will also be receiving Social Security payments you can request to have federal income taxes withheld from those payments.  

    Go to this Social Security Administration website for information - https://www.ssa.gov/manage-benefits/request-withhold-taxes

     

    You can use the TurboTax calculator TaxCaster to get an estimate of the taxes owed for the income you expect to receive - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

    You can also use the TurboTax program for calculating the estimated tax payments and print the Form 1040-ES.

    See this TurboTax support FAQ for information - https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/turbotax-calculate-next-year-federal-estimated/L9a7GqBR4_US_en_US

     

    Estimated tax payments cannot be made through TurboTax.  You would have to use IRS Form 1040-ES and mail the form to the IRS with a check for the payment.  The Form 1040-ES has worksheets you can use to calculate the estimated taxes - https://www.irs.gov/forms-pubs/about-form-1040-es

    Or you can use the IRS payment website to pay estimated taxes - https://www.irs.gov/payments

     

    In TurboTax you would have to enter the estimated tax payments that you made during the tax year.

     

    What type of income will you be receiving during your retirement?