Federal tax estimator that includes Social Security income?

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technovelist
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Federal tax estimator that includes Social Security income?

Post by technovelist » Sun Dec 24, 2017 9:38 am

Hi all,

I'm looking for a federal tax estimator for the new tax law that includes the special tax treatment of Social Security income. Has anyone seen one of these? I tried the frugal professor's site but his spreadsheet doesn't seem to allow me to enter Social Security income anywhere, unless I'm missing that.

Thanks!
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Re: Federal tax estimator that includes Social Security income?

Post by jebmke » Sun Dec 24, 2017 10:26 am

This one appears to include the most common forms. However, I believe that there is a slight flaw in the tab "Line 44" which is the QD-CG Tax Worksheet. I believe this uses the old 2017 threshold for calculating the tax rather than the top of the new 12% bracket for Line 8 of this worksheet. I emailed the author to see if he agrees.

I haven't checked all his forms - only the ones that affect me (which aren't many).

https://sites.google.com/site/excel1040 ... ew-tax-law
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Re: Federal tax estimator that includes Social Security income?

Post by LadyGeek » Sun Dec 24, 2017 10:29 am

This thread is now in the Personal Finance (Not Investing) forum (tax).
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Re: Federal tax estimator that includes Social Security income?

Post by #Cruncher » Sun Dec 24, 2017 3:18 pm

technovelist wrote:
Sun Dec 24, 2017 9:38 am
I'm looking for a federal tax estimator for the new tax law that includes the special tax treatment of Social Security income.
I've just updated my Marginal Tax Rates Excel spreadsheet for the new tax brackets, standard deductions, and exemptions (none) for 2018 single and joint tax returns. It determines the taxable portion of SS as explained in the Wiki's Taxation of SS benefits.

For the typical Social Security recipient federal income tax will be significantly lower in 2018 than in 2017. To illustrate, here are the dollar and percentage reductions from 2017 to 2018 for a single taxpayer age 65+ taking the standard deduction with SS Benefits ranging from $10,000 to $40,000 and non-SS ordinary income from $20,000 to $80,000: [*]

Code: Select all

 Other  -------- SS Benefits ---------
Income  10,000  20,000  30,000  40,000
------  ------  ------  ------  ------
20,000     165     226     324     452
30,000     624     752     879   1,007
40,000   1,019   1,514   1,674  [1,802]
50,000   1,559   1,814   2,069   2,324
60,000   1,859   2,114   2,369   2,624
70,000   2,159   2,414   2,669   2,770
80,000   2,459   2,696   2,830   3,170

Code: Select all

20,000   20.5%   20.3%   21.0%   20.7%
30,000   20.5%   20.4%   20.4%   20.3%
40,000   20.3%   21.6%   20.1%  [19.2%]
50,000   21.1%   19.1%   17.8%   16.9%
60,000   18.8%   17.6%   16.8%   16.1%
70,000   17.4%   16.6%   16.1%   14.8%
80,000   16.5%   15.9%   14.8%   14.7%
And here are sample reductions for joint taxpayers both age 65+ taking the standard deduction with SS Benefits from $10,000 to $70,000 and non-SS ordinary income from $20,000 to $80,000

Code: Select all

 Other  -------------------- SS Benefits ---------------------
Income  10,000  20,000  30,000  40,000  50,000  60,000  70,000
------  ------  ------  ------  ------  ------  ------  ------
20,000       0       0       0      70     330     330     330
30,000     330     330     330     330     500     634     761
40,000     521     679     806     934   1,061   1,189   1,316
50,000     901   1,156   1,361   1,489   1,616   1,744   1,871
60,000   1,201   1,456   1,711   1,966   2,336  [2,779]  2,906
70,000   1,501   1,756   2,011   2,746   3,001   3,256   3,461
80,000   1,801   2,056   2,791   3,046   3,301   3,556   3,811

Code: Select all

20,000    n/a     n/a     n/a   100.0%   93.0%   42.3%   27.4%
30,000   40.2%   30.8%   24.4%   18.5%   21.1%   21.0%   20.8%
40,000   21.3%   21.0%   20.8%   20.7%   20.6%   20.5%   20.5%
50,000   20.7%   20.6%   20.5%   20.4%   20.4%   20.4%   20.3%
60,000   20.5%   20.4%   20.4%   20.3%   21.5%  [23.3%]  22.4%
70,000   20.4%   20.4%   20.3%   23.6%   21.8%   20.5%   19.6%
80,000   20.4%   20.3%   23.2%   21.5%   20.3%   19.3%   18.6%
With $40,000 of SS benefits and $40,000 of non-SS ordinary income, federal tax for the single return falls $1,802 (19.2%) from $9,401 in 2017 to $7,600 in 2018. For a joint return with $60,000 of SS benefits and $60,000 of non-SS ordinary income, federal tax falls $2,779 (23.3%) from $11,928 in 2017 to $9,149 in 2018. Here is the detail behind these numbers as calculated on the Compare sheet of my spreadsheet:

Code: Select all

                                  --- Single ----   ---- Joint ----
                                   2017     2018     2017     2018
                                  ------   ------   ------   ------
Social Security 50% threshhold    25,000   25,000   32,000   32,000
Social Security 85% threshhold    34,000   34,000   44,000   44,000
Rate: ord income bracket 1           10%      10%      10%      10%
Rate: ord income bracket 2           15%      12%      15%      12%
Rate: ord income bracket 3           25%      22%      25%      22%
Floor: ord income bracket 2        9,325    9,525   18,650   19,050
Floor: ord income bracket 3       37,950   38,700   75,900   77,400

Code: Select all

Non-SS Ordinary Income            40,000   40,000   60,000   60,000 <--
Social Security Benefit           40,000   40,000   60,000   60,000 <--
SS Relevant Income                60,000   60,000   90,000   90,000
50% SS taxable                     4,500    4,500    6,000    6,000
85% SS taxable                    22,100   22,100   39,100   39,100
Total SS taxable                  26,600   26,600   45,100   45,100
% SS Taxable                      65.25%   65.25%   75.17%   75.17%
Adjusted gross income             66,600   66,600  105,100  105,100
Deductions plus Exemptions        11,950   13,600   23,300   26,600
Taxable Income                    54,650   53,000   81,800   78,500

Code: Select all

Taxable: ord income bracket 3     16,700   14,300    5,900    1,100
Taxable: ord income bracket 2     28,625   29,175   57,250   58,350
Taxable: ord income bracket 1      9,325    9,525   18,650   19,050
Tax: ord income bracket 3          4,175    3,146    1,475      242
Tax: ord income bracket 2          4,294    3,501    8,588    7,002
Tax: ord income bracket 1            933      953    1,865    1,905
Total tax                          9,401    7,600   11,928    9,149    -  
Reduced tax                             1,802            2,779
% Reduction                             19.2%            23.3%
* Even though the spreadsheet can handle them, for simplicity the examples assume no long term capital gains, qualified dividends, or tax exempt interest.

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Re: Federal tax estimator that includes Social Security income?

Post by technovelist » Sun Dec 24, 2017 7:10 pm

#Cruncher wrote:
Sun Dec 24, 2017 3:18 pm
technovelist wrote:
Sun Dec 24, 2017 9:38 am
I'm looking for a federal tax estimator for the new tax law that includes the special tax treatment of Social Security income.
I've just updated my Marginal Tax Rates Excel spreadsheet for the new tax brackets, standard deductions, and exemptions (none) for 2018 single and joint tax returns. It determines the taxable portion of SS as explained in the Wiki's Taxation of SS benefits.
I'll use that to check whether I'm doing my own calculations correctly.
Thanks!
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Re: Federal tax estimator that includes Social Security income?

Post by technovelist » Sun Dec 24, 2017 7:16 pm

technovelist wrote:
Sun Dec 24, 2017 7:10 pm
#Cruncher wrote:
Sun Dec 24, 2017 3:18 pm
technovelist wrote:
Sun Dec 24, 2017 9:38 am
I'm looking for a federal tax estimator for the new tax law that includes the special tax treatment of Social Security income.
I've just updated my Marginal Tax Rates Excel spreadsheet for the new tax brackets, standard deductions, and exemptions (none) for 2018 single and joint tax returns. It determines the taxable portion of SS as explained in the Wiki's Taxation of SS benefits.
I'll use that to check whether I'm doing my own calculations correctly.
Thanks!
Actually, although that looks interesting for its intended purpose of figuring out marginal rates, it isn't what I was looking for exactly.

What I need is something where you put in Social Security income, LTCG, QD, TRA withdrawals, salary income, interest income, and the taxable portion of annuity income, along with the ages of the people and filing status, and it calculates the tax owed.

Has anyone seen a calculator like that already?
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bberris
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Re: Federal tax estimator that includes Social Security income?

Post by bberris » Sun Dec 24, 2017 10:15 pm

Taxact's tax calculator (under the "Next Year" tab) does that, but so far has not been updated with 2018 tax rates and brackets.

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Re: Federal tax estimator that includes Social Security income?

Post by technovelist » Sun Dec 24, 2017 11:08 pm

bberris wrote:
Sun Dec 24, 2017 10:15 pm
Taxact's tax calculator (under the "Next Year" tab) does that, but so far has not been updated with 2018 tax rates and brackets.
Thanks, that's what I was looking for. I guess I'll have to wait until they update it.
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Re: Federal tax estimator that includes Social Security income?

Post by #Cruncher » Mon Dec 25, 2017 11:12 am

technovelist wrote:
Sun Dec 24, 2017 7:16 pm
#Cruncher wrote:
Sun Dec 24, 2017 3:18 pm
I've just updated my Marginal Tax Rates Excel spreadsheet ...
... it isn't what I was looking for exactly. What I need is something where you put in

Code: Select all

                                                  B2    B3    B4    B5    B6    B7   B48
                                                 ----  ----  ----  ----  ----  ----  ---
Social Security income,                                                          X
LTCG, QD,                                                                  X
T[I?]RA withdrawals, salary income,                                  X
interest income,                                               X     X [a]
and the taxable portion of annuity income,                           X
along with the ages of the people                        X [b]
and filing status,                                 X [c]
and it calculates the tax owed.                                                        X
If you just wish to calculate the federal tax, use any of the columns B - H on the Compare sheet of the spreadsheet. Above I've supplemented your post to show which cells to use for column B.
  1. Enter federally tax exempt interest in B4. Include federally taxable interest in B5.
  2. Enter number of people age 65 or over (0 or 1 on single return; 0, 1, or 2 on joint return).
  3. Enter "Single" or "Joint". Spreadsheet doesn't handle any other filing types.

bberris wrote:
Sun Dec 24, 2017 10:15 pm
Taxact's tax calculator ... so far has not been updated with 2018 tax rates and brackets.
The TaxAct calculator is good. I use it to check the results from my spreadsheet. But, besides not yet handling 2018, it doesn't handle tax exempt interest. (While not itself taxable, it's needed to determine how much of SS is.) I formerly used TaxCaster. But I stopped about a year ago after its interface became cumbersome.

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Re: Federal tax estimator that includes Social Security income?

Post by technovelist » Mon Dec 25, 2017 11:15 am

#Cruncher wrote:
Mon Dec 25, 2017 11:12 am
technovelist wrote:
Sun Dec 24, 2017 7:16 pm
#Cruncher wrote:
Sun Dec 24, 2017 3:18 pm
I've just updated my Marginal Tax Rates Excel spreadsheet ...
... it isn't what I was looking for exactly. What I need is something where you put in

Code: Select all

                                                  B2    B3    B4    B5    B6    B7   B48
                                                 ----  ----  ----  ----  ----  ----  ---
Social Security income,                                                          X
LTCG, QD,                                                                  X
T[I?]RA withdrawals, salary income,                                  X
interest income,                                               X     X [a]
and the taxable portion of annuity income,                           X
along with the ages of the people                        X [b]
and filing status,                                 X [c]
and it calculates the tax owed.                                                        X
If you just wish to calculate the federal tax, use any of the columns B - H on the Compare sheet of the spreadsheet. Above I've supplemented your post to show which cells to use for column B.
  1. Enter federally tax exempt interest in B4. Include federally taxable interest in B5.
  2. Enter number of people age 65 or over (0 or 1 on single return; 0, 1, or 2 on joint return).
  3. Enter "Single" or "Joint". Spreadsheet doesn't handle any other filing types.
Thanks, that is very helpful. I appreciate the "customer service"! :beer
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Re: Federal tax estimator that includes Social Security income?

Post by jebmke » Mon Dec 25, 2017 11:49 am

jebmke wrote:
Sun Dec 24, 2017 10:26 am
This one appears to include the most common forms. However, I believe that there is a slight flaw in the tab "Line 44" which is the QD-CG Tax Worksheet. I believe this uses the old 2017 threshold for calculating the tax rather than the top of the new 12% bracket for Line 8 of this worksheet. I emailed the author to see if he agrees.

I haven't checked all his forms - only the ones that affect me (which aren't many).

https://sites.google.com/site/excel1040 ... ew-tax-law
I have traded emails with the author of this spreadsheet. He has corrected the tab "Line 44" as well as the tab "Sch. D WS" to align the break point for the transition from 0 to 15% dividend tax rate to align with the top of the new 12% tax bracket.
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Re: Federal tax estimator that includes Social Security income?

Post by 1210sda » Mon Dec 25, 2017 11:56 am

I guess we just have to wait until they adjust the tax rates/tax brackets to reflect the new tax act.

1210

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Re: Federal tax estimator that includes Social Security income?

Post by bberris » Fri Jan 19, 2018 10:10 am

technovelist wrote:
Sun Dec 24, 2017 11:08 pm
bberris wrote:
Sun Dec 24, 2017 10:15 pm
Taxact's tax calculator (under the "Next Year" tab) does that, but so far has not been updated with 2018 tax rates and brackets.
Thanks, that's what I was looking for. I guess I'll have to wait until they update it.
Resuscitating this old thread to report that Taxact has suspended the tax calculator, presumably to update it. As one poster said, it does not handle tax-exempt interest, and does not account for ACA subsidy, which affect marginal tax rate decisions. So it's easy to use but not great for everyone.

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Re: Federal tax estimator that includes Social Security income?

Post by pshonore » Fri Jan 19, 2018 10:58 am

Has the taxability off SS changed? While certainly the marginal rates change based on new brackets have changed, the percentage of SS that is subject to tax based on existing formulas has not changed AFAIK.

Try this calculator: https://www.calcxml.com/calculators/how ... y-be-taxed

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Re: Federal tax estimator that includes Social Security income?

Post by TravelGeek » Fri Jan 19, 2018 11:01 am

I haven’t had time to really play with it yet (and I don’t collect SS income yet), but I noticed that Intuit updated the iOS version of TaxCaster this week and included a “forecast” feature for 2018 taxes. Quick check indicates that they allow entering social security income.

Edit: just checked; looks like web version is updated, too. I assume Android as well.

https://turbotax.intuit.com/tax-tools/c ... taxcaster/

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Re: Federal tax estimator that includes Social Security income?

Post by Fess McGee » Fri Jan 19, 2018 2:51 pm

Yes, looks like Intuit updated Taxcaster for 18. You input your info and it spits out 2 numbers--17 and 18 tax liabilities. Can we assume that Intuit is reputable enough that their 18 forecast is accurate based on the reform? According to it, I'm looking at saving about 17K off my tax bill next year vs this year. I have a hard time believing that.

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Re: Federal tax estimator that includes Social Security income?

Post by The Wizard » Fri Jan 19, 2018 3:03 pm

Fess McGee wrote:
Fri Jan 19, 2018 2:51 pm
Yes, looks like Intuit updated Taxcaster for 18. You input your info and it spits out 2 numbers--17 and 18 tax liabilities. Can we assume that Intuit is reputable enough that their 18 forecast is accurate based on the reform? According to it, I'm looking at saving about 17K off my tax bill next year vs this year. I have a hard time believing that.
$17k lower tax seems like a lot for similar income in 18 vs 17.
Perhaps you are in the highest tax bracket?
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Re: Federal tax estimator that includes Social Security income?

Post by kaneohe » Fri Jan 19, 2018 6:22 pm

Fess McGee wrote:
Fri Jan 19, 2018 2:51 pm
Yes, looks like Intuit updated Taxcaster for 18. You input your info and it spits out 2 numbers--17 and 18 tax liabilities. Can we assume that Intuit is reputable enough that their 18 forecast is accurate based on the reform? According to it, I'm looking at saving about 17K off my tax bill next year vs this year. I have a hard time believing that.
HR Block's tax calculator also has the same feature......results for both yrs. .....and somewhat surprising to me , both calculators agree w/ each other for both yrs. New AMT is supposed to be harder to get to so if you have that, perhaps that explains part of the delta.

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Re: Federal tax estimator that includes Social Security income?

Post by #Cruncher » Sat Jan 20, 2018 2:26 pm

Fess McGee wrote:
Fri Jan 19, 2018 2:51 pm
Yes, looks like Intuit updated Taxcaster for 18. ... According to it, I'm looking at saving about 17K off my tax bill next year vs this year. I have a hard time believing that.
Can't judge the reasonableness of that without knowing your income and deductions, Fess McGee. But for joint filers taking the standard deduction both years the reduction is about $17,000 for an adjusted gross income (AGI) of $350,000. Here's a table showing the 2017 and 2018 joint return tax for AGI from $30,000 to $1,000,000 in $10,000 increments. It assumes:
  • All income is wages
  • Tax brackets: 2017 and 2018 [**]
  • Standard deduction: $12,700 in 2017 and $24,000 in 2018
  • Exemptions: $8,100 in 2017 (subject to phaseout beginning at AGI = $313,800) and $0 in 2018

Code: Select all

               2017    Taxable Income                   Tax 
          Exemption   ---------------     ------------------------------ 
      AGI  Phaseout     2017     2018       2017     2018    Diff   Pct

Code: Select all

    30,000      0%     9,200    6,000        920      600     320  34.8% 
    40,000      0%    19,200   16,000      1,948    1,600     348  17.8% 
    50,000      0%    29,200   26,000      3,448    2,739     709  20.6% 
    60,000      0%    39,200   36,000      4,948    3,939   1,009  20.4% 
    70,000      0%    49,200   46,000      6,448    5,139   1,309  20.3% 
    80,000      0%    59,200   56,000      7,948    6,339   1,609  20.2% 
    90,000      0%    69,200   66,000      9,448    7,539   1,909  20.2% 
   100,000      0%    79,200   76,000     11,278    8,739   2,539  22.5% 
   110,000      0%    89,200   86,000     13,778   10,799   2,979  21.6% 
   120,000      0%    99,200   96,000     16,278   12,999   3,279  20.1% 
   130,000      0%   109,200  106,000     18,778   15,199   3,579  19.1% 
   140,000      0%   119,200  116,000     21,278   17,399   3,879  18.2% 
   150,000      0%   129,200  126,000     23,778   19,599   4,179  17.6% 
   160,000      0%   139,200  136,000     26,278   21,799   4,479  17.0% 
   170,000      0%   149,200  146,000     28,778   23,999   4,779  16.6% 
   180,000      0%   159,200  156,000     31,461   26,199   5,262  16.7% 
   190,000      0%   169,200  166,000     34,261   28,419   5,842  17.1% 
   200,000      0%   179,200  176,000     37,061   30,819   6,242  16.8% 
   210,000      0%   189,200  186,000     39,861   33,219   6,642  16.7% 
   220,000      0%   199,200  196,000     42,661   35,619   7,042  16.5% 
   230,000      0%   209,200  206,000     45,461   38,019   7,442  16.4% 
   240,000      0%   219,200  216,000     48,261   40,419   7,842  16.2% 
   250,000      0%   229,200  226,000     51,061   42,819   8,242  16.1% 
   260,000      0%   239,200  236,000     54,153   45,219   8,934  16.5% 
   270,000      0%   249,200  246,000     57,453   47,619   9,834  17.1% 
   280,000      0%   259,200  256,000     60,753   50,019  10,734  17.7% 
   290,000      0%   269,200  266,000     64,053   52,419  11,634  18.2% 
   300,000      0%   279,200  276,000     67,353   54,819  12,534  18.6% 
   310,000      0%   289,200  286,000     70,653   57,219  13,434  19.0% 
   320,000      6%   299,686  296,000     74,113   59,619  14,494  19.6% 
   330,000     14%   310,334  306,000     77,627   62,019  15,608  20.1% 
   340,000     22%   320,982  316,000     81,141   64,499  16,642  20.5% 
   350,000     30%   331,630  326,000     84,655   67,699  16,956  20.0% [*]
   360,000     38%   342,278  336,000     88,169   70,899  17,270  19.6% 
   370,000     46%   352,926  346,000     91,683   74,099  17,584  19.2% 
   380,000     54%   363,574  356,000     95,196   77,299  17,897  18.8% 
   390,000     62%   374,222  366,000     98,710   80,499  18,211  18.4% 
   400,000     70%   384,870  376,000    102,224   83,699  18,525  18.1% 
   410,000     78%   395,518  386,000    105,738   86,899  18,839  17.8% 
   420,000     86%   406,166  396,000    109,252   90,099  19,153  17.5% 
   430,000     94%   416,814  406,000    112,768   93,479  19,289  17.1% 
   440,000    100%   427,300  416,000    116,438   96,979  19,459  16.7% 
   450,000    100%   437,300  426,000    119,938  100,479  19,459  16.2% 
   460,000    100%   447,300  436,000    123,438  103,979  19,459  15.8% 
   470,000    100%   457,300  446,000    126,938  107,479  19,459  15.3% 
   480,000    100%   467,300  456,000    130,438  110,979  19,459  14.9% 
   490,000    100%   477,300  466,000    134,242  114,479  19,763  14.7% 
   500,000    100%   487,300  476,000    138,202  117,979  20,223  14.6% 
   510,000    100%   497,300  486,000    142,162  121,479  20,683  14.5% 
   520,000    100%   507,300  496,000    146,122  124,979  21,143  14.5% 
   530,000    100%   517,300  506,000    150,082  128,479  21,603  14.4% 
   540,000    100%   527,300  516,000    154,042  131,979  22,063  14.3% 
   550,000    100%   537,300  526,000    158,002  135,479  22,523  14.3% 
   560,000    100%   547,300  536,000    161,962  138,979  22,983  14.2% 
   570,000    100%   557,300  546,000    165,922  142,479  23,443  14.1% 
   580,000    100%   567,300  556,000    169,882  145,979  23,903  14.1% 
   590,000    100%   577,300  566,000    173,842  149,479  24,363  14.0% 
   600,000    100%   587,300  576,000    177,802  152,979  24,823  14.0% 
   610,000    100%   597,300  586,000    181,762  156,479  25,283  13.9% 
   620,000    100%   607,300  596,000    185,722  159,979  25,743  13.9% 
   630,000    100%   617,300  606,000    189,682  163,599  26,083  13.8% 
   640,000    100%   627,300  616,000    193,642  167,299  26,343  13.6% 
   650,000    100%   637,300  626,000    197,602  170,999  26,603  13.5% 
   660,000    100%   647,300  636,000    201,562  174,699  26,863  13.3% 
   670,000    100%   657,300  646,000    205,522  178,399  27,123  13.2% 
   680,000    100%   667,300  656,000    209,482  182,099  27,383  13.1% 
   690,000    100%   677,300  666,000    213,442  185,799  27,643  13.0% 
   700,000    100%   687,300  676,000    217,402  189,499  27,903  12.8% 
   710,000    100%   697,300  686,000    221,362  193,199  28,163  12.7% 
   720,000    100%   707,300  696,000    225,322  196,899  28,423  12.6% 
   730,000    100%   717,300  706,000    229,282  200,599  28,683  12.5% 
   740,000    100%   727,300  716,000    233,242  204,299  28,943  12.4% 
   750,000    100%   737,300  726,000    237,202  207,999  29,203  12.3% 
   760,000    100%   747,300  736,000    241,162  211,699  29,463  12.2% 
   770,000    100%   757,300  746,000    245,122  215,399  29,723  12.1% 
   780,000    100%   767,300  756,000    249,082  219,099  29,983  12.0% 
   790,000    100%   777,300  766,000    253,042  222,799  30,243  12.0% 
   800,000    100%   787,300  776,000    257,002  226,499  30,503  11.9% 
   810,000    100%   797,300  786,000    260,962  230,199  30,763  11.8% 
   820,000    100%   807,300  796,000    264,922  233,899  31,023  11.7% 
   830,000    100%   817,300  806,000    268,882  237,599  31,283  11.6% 
   840,000    100%   827,300  816,000    272,842  241,299  31,543  11.6% 
   850,000    100%   837,300  826,000    276,802  244,999  31,803  11.5% 
   860,000    100%   847,300  836,000    280,762  248,699  32,063  11.4% 
   870,000    100%   857,300  846,000    284,722  252,399  32,323  11.4% 
   880,000    100%   867,300  856,000    288,682  256,099  32,583  11.3% 
   890,000    100%   877,300  866,000    292,642  259,799  32,843  11.2% 
   900,000    100%   887,300  876,000    296,602  263,499  33,103  11.2% 
   910,000    100%   897,300  886,000    300,562  267,199  33,363  11.1% 
   920,000    100%   907,300  896,000    304,522  270,899  33,623  11.0% 
   930,000    100%   917,300  906,000    308,482  274,599  33,883  11.0% 
   940,000    100%   927,300  916,000    312,442  278,299  34,143  10.9% 
   950,000    100%   937,300  926,000    316,402  281,999  34,403  10.9% 
   960,000    100%   947,300  936,000    320,362  285,699  34,663  10.8% 
   970,000    100%   957,300  946,000    324,322  289,399  34,923  10.8% 
   980,000    100%   967,300  956,000    328,282  293,099  35,183  10.7% 
   990,000    100%   977,300  966,000    332,242  296,799  35,443  10.7% 
 1,000,000    100%   987,300  976,000    336,202  300,499  35,703  10.6%
* Example calculation for AGI = $350,000:

Code: Select all

2017: 84,655 = 10%*18650 + 15%*(75900-18650) + 25%*(153100-75900) + 28%*(233350-153100) + 33%*(331630-233350)
2018: 67,699 = 10%*19050 + 12%*(77400-19050) + 22%*(165000-77400) + 24%*(315000-165000) + 32%*(326000-315000)
Edited 1/22/18 to add following formulas:
** Here are formulas encapsulating the joint tax tables for 2017 and 2018. They assume the taxable incomes are in cell C2 for 2017 and D2 for 2018:

Code: Select all

=10%*MIN(C2,18650)+15%*MAX(0,MIN(C2,75900)-18650)+25%*MAX(0,MIN(C2,153100)-75900)+28%*MAX(0,MIN(C2,233350)-153100)+33%*MAX(0,MIN(C2,416700)-233350)+35%*MAX(0,MIN(C2,470700)-416700)+39.6%*MAX(0,C2-470700)
=10%*MIN(D2,19050)+12%*MAX(0,MIN(D2,77400)-19050)+22%*MAX(0,MIN(D2,165000)-77400)+24%*MAX(0,MIN(D2,315000)-165000)+32%*MAX(0,MIN(D2,400000)-315000)+35%*MAX(0,MIN(D2,600000)-400000)+37.0%*MAX(0,D2-600000)
And here are the same formulas for the 2017 and 2018 single tax tables:

Code: Select all

=10%*MIN(C2,9325)+15%*MAX(0,MIN(C2,37950)-9325)+25%*MAX(0,MIN(C2,91900)-37950)+28%*MAX(0,MIN(C2,191650)-91900)+33%*MAX(0,MIN(C2,416700)-191650)+35%*MAX(0,MIN(C2,418400)-416700)+39.6%*MAX(0,C2-418400)
=10%*MIN(D2,9525)+12%*MAX(0,MIN(D2,38700)-9525)+22%*MAX(0,MIN(D2,82500)-38700)+24%*MAX(0,MIN(D2,157500)-82500)+32%*MAX(0,MIN(D2,200000)-157500)+35%*MAX(0,MIN(D2,500000)-200000)+37.0%*MAX(0,D2-500000)
Last edited by #Cruncher on Mon Jan 22, 2018 5:48 pm, edited 1 time in total.

technovelist
Posts: 2917
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Re: Federal tax estimator that includes Social Security income?

Post by technovelist » Sat Jan 20, 2018 10:58 pm

bberris wrote:
Fri Jan 19, 2018 10:10 am
technovelist wrote:
Sun Dec 24, 2017 11:08 pm
bberris wrote:
Sun Dec 24, 2017 10:15 pm
Taxact's tax calculator (under the "Next Year" tab) does that, but so far has not been updated with 2018 tax rates and brackets.
Thanks, that's what I was looking for. I guess I'll have to wait until they update it.
Resuscitating this old thread to report that Taxact has suspended the tax calculator, presumably to update it. As one poster said, it does not handle tax-exempt interest, and does not account for ACA subsidy, which affect marginal tax rate decisions. So it's easy to use but not great for everyone.
Thanks!
In theory, theory and practice are identical. In practice, they often differ.

Almost there
Posts: 805
Joined: Thu Jan 03, 2008 7:06 pm
Location: Arizona USA

Re: Federal tax estimator that includes Social Security income?

Post by Almost there » Sun Feb 04, 2018 12:42 pm

pshonore wrote:
Has the taxability off SS changed? While certainly the marginal rates change based on new brackets have changed, the percentage of SS that is subject to tax based on existing formulas has not changed AFAIK.

Try this calculator: https://www.calcxml.com/calculators/how ... y-be-taxed
Thank you for the calculator. After entering all my data, how do I determine whether my RMD (identified as IRA distribution) was added into their calculation?

User avatar
FiveK
Posts: 4861
Joined: Sun Mar 16, 2014 2:43 pm

Re: Federal tax estimator that includes Social Security income?

Post by FiveK » Mon Feb 05, 2018 12:37 am

technovelist wrote:
Sun Dec 24, 2017 7:16 pm
What I need is something where you put in Social Security income, LTCG, QD, TRA withdrawals, salary income, interest income, and the taxable portion of annuity income, along with the ages of the people and filing status, and it calculates the tax owed.
That's exactly what the 'Calculations' tab in the personal finance toolbox spreadsheet will do.

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