I never use the estimated taxes that Turbotax calculates, since it is based on the previous year which is NOT relevant to the next year.
I keep a running Excel spreadsheet of estimated income/taxes for the year and updated it regularly, then make payments quarterly. Once we hit RMD age, I will use witholding. We already have witholding on SS income as of this year, but that does not include state tax withholding. The Roth conversions are not included in witholding.
I use one tab for the income summary, and taxes (which includes IRS, State and IRRMA tables), one tab for Roth conversion estimates and another tab for normal income account estimates.
I keep a running Excel spreadsheet of estimated income/taxes for the year and updated it regularly, then make payments quarterly. Once we hit RMD age, I will use witholding. We already have witholding on SS income as of this year, but that does not include state tax withholding. The Roth conversions are not included in witholding.
I use one tab for the income summary, and taxes (which includes IRS, State and IRRMA tables), one tab for Roth conversion estimates and another tab for normal income account estimates.
Statistics: Posted by wwhan — Sat Aug 10, 2024 1:31 pm