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
Posts: 150
Joined: Sun Jan 05, 2014 1:07 pm

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
Posts: 437
Joined: Tue Oct 19, 2010 7:27 am

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
Subaru Ambassador in Central Florida

boglesmind
Posts: 150
Joined: Sun Jan 05, 2014 1:07 pm

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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Location: Roke

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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Joined: Mon Apr 16, 2018 3:48 pm

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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