Calculate Estimated tax for 2013
12:01 pm PDT May 23, 2013
See this link for instructions on reaching your Estimated Tax Calculator:
Select "Calculating and Preparing Your Estimated Tax Payments".
1:21 pm PDT July 3, 2013 Reply Kiddatheart.
You can still use the forms at the iRS site that kat528 noted above.
Barring that, if you have 2012 Desktop Turbotax, you can either
1) Create a new test tax return with all the parameters that you expect to have for 2013. yeah, soem fo the rates might change, but you could check the IRS 2013 tax tables to see whether your incoeme with teh 401k default will bump you into a different bracket or not. Use Save As on your 2012 tax return to save it in another named file (don't work in the originial. DO NOT WORK ON THE ORIGINAL). then change all the numbers on the test file (W-2 income and withholding, interst and dividends, deductions etc) to approximate what you expect to happen for 2013.
Then you will add a 1099-R under the retiremnt incoem section that shows box 1 and box 2a of the 1099-R as $$ amounts that approximate the $$ amount of your defaulted loan (only the amount you haven't paid back yet) with a code "L" in box 7 (I think). then put yoru state in box 13 and copy the box 2a amount down into box 14. All your other entries need to "appear" to be 2012 entries though, Like. if you put in quarterly estimated tax payments, you have to use 2012 dates for most of them. But
most of them are already 2012 values, you ususallya re jsut changing the $$ amounts. You can then see the total tax assessed on the form 1040 (line 61), and see if your tax payments for this year will come anywhere close to the total assessed.
2) Again, save your tax return into a new test filename, then go to the "Other Tax Situations" tab and prepare the estimated tax payment forms. but these are "based on" your entries into the system and are only as accurate as the data you dump in. Thse forms will. however, use the correct 2013 tax brackets. but I'm not sure that they will include the 10% penalty on that early 401k distribution/default. but you can add that manually. Using #1 above will include the 10% penalty..
Anyhow, if you enter your expected withhodling and increased "income" properly, the estimated tax forms should show only the total extra $$ that are calculated to be needed. if any.
- Danmd 4:30 pm PDT July 4, 2013 Reply
- bestillyoga 8:45 am PDT September 8, 2013 Reply