Best Available 2018 tax estimator

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Ged
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Best Available 2018 tax estimator

Post by Ged » Tue Feb 27, 2018 6:19 pm

I'm trying to work out my budget for 2018 that will likely include some one-off expenses. I'm in retirement now so I want to figure out how to space out these expenses, likely to be paid for from highly appreciated stock or IRAs so as to not get into higher tax brackets.

So to do this I need a good tax estimator, ideally one that has some knowledge of state (NJ) as well as Federal taxes.

Any recommendations?

boglesmind
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Re: Best Available 2018 tax estimator

Post by boglesmind » Tue Feb 27, 2018 6:22 pm

Ged wrote:
Tue Feb 27, 2018 6:19 pm
I'm trying to work out my budget for 2018 that will likely include some one-off expenses. I'm in retirement now so I want to figure out how to space out these expenses, likely to be paid for from highly appreciated stock or IRAs so as to not get into higher tax brackets.

So to do this I need a good tax estimator, ideally one that has some knowledge of state (NJ) as well as Federal taxes.

Any recommendations?
For Federal taxes, see "2018 Federal Income Tax Planner"

No idea about NJ tax planner.

Boglesmind

orlandoman
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Re: Best Available 2018 tax estimator

Post by orlandoman » Tue Feb 27, 2018 6:25 pm

It's hard to find 2018 inome tax calculators this early, especially ones that include SS income as an option. This is the only one I found https://www.mortgagecalculator.org/calc ... ulator.php
"Not everything you read on the Internet is true", Abraham Lincoln

boglesmind
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Re: Best Available 2018 tax estimator

Post by boglesmind » Tue Feb 27, 2018 6:38 pm

boglesmind wrote:
Tue Feb 27, 2018 6:22 pm
Ged wrote:
Tue Feb 27, 2018 6:19 pm
I'm trying to work out my budget for 2018 that will likely include some one-off expenses. I'm in retirement now so I want to figure out how to space out these expenses, likely to be paid for from highly appreciated stock or IRAs so as to not get into higher tax brackets.

So to do this I need a good tax estimator, ideally one that has some knowledge of state (NJ) as well as Federal taxes.

Any recommendations?
For Federal taxes, see "2018 Federal Income Tax Planner"

No idea about NJ tax planner.

Boglesmind
The above spreadsheet apparently handles social security income. See "Excel1040 -- Income Tax Spreadsheet Instructions for Use", item 8 under Instructions
8.Enter any Social Security income reported on Form SSA-1099 on the tab labeled 'SSA-1099'.

Boglesmind
PS: No firsthand experience with reporting SS income using the above spreadsheet

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FiveK
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Re: Best Available 2018 tax estimator

Post by FiveK » Tue Feb 27, 2018 10:43 pm

Ged wrote:
Tue Feb 27, 2018 6:19 pm
So to do this I need a good tax estimator, ideally one that has some knowledge of state (NJ) as well as Federal taxes.
The personal finance toolbox spreadsheet fits that description very well.

In other words, it will likely get federal taxes spot on, but may not be exact (i.e., it "has some knowledge") for state taxes.

kaneohe
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Re: Best Available 2018 tax estimator

Post by kaneohe » Tue Feb 27, 2018 11:39 pm

The HR Block tax calculator produces a 2018 result along w/ 2017. (fed only)

jacoavlu
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Re: Best Available 2018 tax estimator

Post by jacoavlu » Wed Feb 28, 2018 8:09 am

the excel 1040 spreadsheet above - anyone know if there’s a form or schedule or whatever in there that deals with the 199A pass thru deduction? Can’t seem to find anything.

Of course I can estimate the deduction myself and just reduce my K1 number by 20%. Just wondered if there’s a form or something I’m missing

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Ged
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Re: Best Available 2018 tax estimator

Post by Ged » Wed Feb 28, 2018 11:22 am

FiveK wrote:
Tue Feb 27, 2018 10:43 pm
Ged wrote:
Tue Feb 27, 2018 6:19 pm
So to do this I need a good tax estimator, ideally one that has some knowledge of state (NJ) as well as Federal taxes.
The personal finance toolbox spreadsheet fits that description very well.

In other words, it will likely get federal taxes spot on, but may not be exact (i.e., it "has some knowledge") for state taxes.
Thanks to all who replied. The above spreadsheet seems to do what I need.

tcwrites
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Re: Best Available 2018 tax estimator

Post by tcwrites » Mon Apr 16, 2018 3:56 pm

I need to play with deductible health insurance premiums as an adjustment to my AGI.My husband and I are self-employed and can deduct all of our health insurance premiums. I'm using the above calculator from the Personal Finance Toolbox.

I know I need to add it as a line item in "Subtractions for AGI." But can anyone explain what Excel formula I'd need to use if I REPLACE the alimony item with "deductible health ins prems." I'm not an Excel expert. Thanks in advance!

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FiveK
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Re: Best Available 2018 tax estimator

Post by FiveK » Mon Apr 16, 2018 5:00 pm

tcwrites wrote:
Mon Apr 16, 2018 3:56 pm
I need to play with deductible health insurance premiums as an adjustment to my AGI.My husband and I are self-employed and can deduct all of our health insurance premiums. I'm using the above calculator from the Personal Finance Toolbox.

I know I need to add it as a line item in "Subtractions for AGI." But can anyone explain what Excel formula I'd need to use if I REPLACE the alimony item with "deductible health ins prems." I'm not an Excel expert. Thanks in advance!
Not familiar with deductibility rules for self-employed health insurance premiums, but if they are a simple subtraction on the way to AGI, just entering the amount on the line that says "alimony" should work. The word "alimony" is irrelevant to the calculations, so you could replace it with "SE health premiums" or "ABC XYZ", etc.

tcwrites
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Re: Best Available 2018 tax estimator

Post by tcwrites » Mon Apr 16, 2018 5:29 pm

Thanks! They are, indeed, a simple subtraction off of AGI. I will just replace "Alimony" as you suggested.

One other Q on kids on the tax estimator:

- Child Tax Credit/ now Family Tax Credit:I see spots for entering minor children, but I don't see a $1,000 deduction showing up. Am I missing something?

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FiveK
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Re: Best Available 2018 tax estimator

Post by FiveK » Mon Apr 16, 2018 7:22 pm

tcwrites wrote:
Mon Apr 16, 2018 5:29 pm
One other Q on kids on the tax estimator:

- Child Tax Credit/ now Family Tax Credit:I see spots for entering minor children, but I don't see a $1,000 deduction showing up. Am I missing something?
Assuming you are using a 2018 version (e.g., cell Q1 on the Instructions tab is V11.07), the CTC should be in cells G23 and/or G28. If it's not there, then more information is needed (e.g., what have you entered?).

tcwrites
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Re: Best Available 2018 tax estimator

Post by tcwrites » Mon Apr 16, 2018 7:45 pm

Thanks, yes, I'm on the 2018 form.

CTC in cell G23 is actually "College Tax Credit" of $2,500 for the American Opportunity Tax Credit. I've got that filled in.It's based on cells R56 and 57. It's got to be the AOTC because of the amount.

The Family Tax Credit (formerly Child Tax Credit)...I have filled in 1 dependent in cell G4 for kids under age 17. But I don't see where that info is used. And my understanding is that it should generate a $1,600 credit (1000 of it refundable). But I don't see that credit showing up on the sheet anywhere. ??

Thanks again for helping!

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FiveK
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Re: Best Available 2018 tax estimator

Post by FiveK » Mon Apr 16, 2018 8:07 pm

tcwrites wrote:
Mon Apr 16, 2018 7:45 pm
CTC in cell G23 is actually "College Tax Credit" of $2,500 for the American Opportunity Tax Credit. I've got that filled in.It's based on cells R56 and 57. It's got to be the AOTC because of the amount.

The Family Tax Credit (formerly Child Tax Credit)...I have filled in 1 dependent in cell G4 for kids under age 17. But I don't see where that info is used. And my understanding is that it should generate a $1,600 credit (1000 of it refundable). But I don't see that credit showing up on the sheet anywhere.
Hmmm...?

MFJ with one dependent age 12 or under? If so, there should be 2, 1, 1, 1, 1 in cells G2 through G6 respectively. For more dependents or different age, adjust accordingly.

The CTC is the Child Tax Credit, and that is what cells R54-R61 calculate. See What is the "more favorable interpretation of the new law"? and a few posts below that for background on cell S61. The AOTC is calculated in the box starting in Y55.

To see what cells are used where, first unprotect the sheet: Review>Unprotect Sheet. There is no password. Click in a cell (e.g., G4). The click Formulas>Trace Dependents. That should show something similar to
Image
and one can follow the arrows to see where the cell is used.

I've used this enough to answer at least some questions about it, and am happy to do so. Deep questions and/or requests for changes may be better posted on the MMM site. Good luck!

Almost there
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Re: Best Available 2018 tax estimator

Post by Almost there » Wed Apr 18, 2018 3:16 pm

Thank you boglesmind for recommending the "Mortgage Calculator". That worked out perfect for me.
Last edited by Almost there on Wed Apr 18, 2018 3:50 pm, edited 2 times in total.

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FiveK
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Re: Best Available 2018 tax estimator

Post by FiveK » Wed Apr 18, 2018 3:27 pm

Almost there wrote:
Wed Apr 18, 2018 3:16 pm
boglesmind wrote:

Thank you for recommending the "Mortgage Calculator". That worked out perfect for me.
Note: that one allows $2K/child as a refundable credit. The law allows $1.4K. No idea how well it does everything else, but that was the first thing I tried, so....

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BuyAndHoldOn
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Re: Best Available 2018 tax estimator

Post by BuyAndHoldOn » Sat May 26, 2018 6:59 pm

For those with simple tax situations, this site is pretty straightforward. You have to do your own accounting for things like the 401k, Health Savings Account, etc. --> But that's a simple subtraction from Wages/Other Taxable Income for me.

https://www.olt.com/main/home/taxestimator.asp

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segfault
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Re: Best Available 2018 tax estimator

Post by segfault » Sat May 26, 2018 8:47 pm


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AstroJohn
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Re: Best Available 2018 tax estimator

Post by AstroJohn » Sun May 27, 2018 5:47 am

Very happy with dinkytown.net estimators as well. Have used them for several years for doing estimated taxes.

cadreamer2015
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Re: Best Available 2018 tax estimator

Post by cadreamer2015 » Sun May 27, 2018 5:55 am

Do any of these 2018 tax estimators handle the 20% deduction/exclusion for self employment income?
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3funder
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Re: Best Available 2018 tax estimator

Post by 3funder » Sun May 27, 2018 8:59 am

Ged wrote:
Tue Feb 27, 2018 6:19 pm
I'm trying to work out my budget for 2018 that will likely include some one-off expenses. I'm in retirement now so I want to figure out how to space out these expenses, likely to be paid for from highly appreciated stock or IRAs so as to not get into higher tax brackets.

So to do this I need a good tax estimator, ideally one that has some knowledge of state (NJ) as well as Federal taxes.

Any recommendations?
IRS estimator is fine. Unfortunately, my wife and I had the same question about state and haven't had much luck. Our state (MD) has an estimator for small business owners, though.

feehater
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Re: Best Available 2018 tax estimator

Post by feehater » Sun May 27, 2018 9:41 am

cadreamer2015 wrote:
Sun May 27, 2018 5:55 am
Do any of these 2018 tax estimators handle the 20% deduction/exclusion for self employment income?
I have not found one yet. I think this I'd because the irs has not yet issued final guidance on exactly where on the form/how this is going to work.

swyck
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Re: Best Available 2018 tax estimator

Post by swyck » Wed Jun 06, 2018 3:21 pm

Glad I found this thread. I just retired and OMG it was hard to find any information on how to actually estimate my taxes. I found all sorts of articles and blogs talking about this and that, and IF you have A and IF you have B, and so one and so forth. But not ONE had info on how to actually do it.

My situation is fairly simple. I have A, B, and C. THE END. I don't have D or E or F. I know EXACTLY how much income I have, and I just wanted to plug those numbers in, or see some formula and do it myself, but no.

I was not interested in discussions about maybe this or maybe that. I mean that would have been OK if they ended with a formula for how to do it, but they pretty much end with a "you'd better do this or there may be PENALTIES. Good luck, we're counting on you."

Then I thought of searching Bogleheads, "Yeah, someone there will know." I was right. Both mortgagecalculator and dinkytown seem to be what I need, in fact they look identical I assume they're from the same source.

Once I found this thread, and used those links, it was simple to calculate my estimated taxes. It doesn't have to be accurate down to the penny, just get me in the ball park.

As and aside, I just get ticked every year on how difficult it is to actually do your taxes.

vtMaps
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Re: Best Available 2018 tax estimator

Post by vtMaps » Wed Jul 11, 2018 5:26 am

The Dinkytown calculator is also available here:
https://www.jacksonhewitt.com/tax-tools ... alculator/

I notice that if you have SS income, the calculator indicates which federal tax bracket you are in, but it does not indicate your true marginal bracket (taking into consideration the SS tax hump).

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

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FiveK
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Re: Best Available 2018 tax estimator

Post by FiveK » Wed Jul 11, 2018 7:33 am

cadreamer2015 wrote:
Sun May 27, 2018 5:55 am
Do any of these 2018 tax estimators handle the 20% deduction/exclusion for self employment income?
QBI Pass-through deduction in the case study spreadsheet mentions the addition of these calculations to that tool (aka the personal finance toolbox spreadsheet) a couple of weeks ago. It also mentions that much remains unclear for certain situations.

kaneohe
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Re: Best Available 2018 tax estimator

Post by kaneohe » Wed Jul 11, 2018 11:06 pm

vtMaps wrote:
Wed Jul 11, 2018 5:26 am
The Dinkytown calculator is also available here:
https://www.jacksonhewitt.com/tax-tools ... alculator/

I notice that if you have SS income, the calculator indicates which federal tax bracket you are in, but it does not indicate your true marginal bracket (taking into consideration the SS tax hump).

--vtMaps
Assuming the Dinkytown calculator is the same as the mortgage calculator which is so easy to use and do what-ifs because it's all on a single page, calculating your true marginal bracket w/ SS is pretty easy tho. Just became aware of it this yr and I like it better than the others I've used (Taxcaster/HR Block).

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