I'm trying to calculate taxes in retirement and getting results that differ from calcxml.com's wizard. We are married filing jointly and applying the standard deduction and two personal deductions.
http://i.imgur.com/kVHqbWx.jpg
Also using a 2013 SC State calculator seems off on federal too. Any ideas very appreciated.
http://i.imgur.com/XNhWlES.jpg
Taxes in retirement
Re: Taxes in retirement
I find it a lot quicker and easier to do these type of simulations in TurboTax versus an Excel spreadsheet. I assume the other tax preparation programs could be used as well to do these kinds of studies.
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Re: Taxes in retirement
TaxCaster suggests federal tax liability for 2014 is about $7300 on a traditional IRA withdrawal of $75,000.
Be careful that you called the income a withdrawal. I wonder if you call it wages/compensation if one of your programs added in Social Security and medicare taxes, too.
Be careful that you called the income a withdrawal. I wonder if you call it wages/compensation if one of your programs added in Social Security and medicare taxes, too.
Re: Taxes in retirement
Check your "D11" formula.
Re: Taxes in retirement
thanks, D11 was the problem.