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[USA] Is there a decent calculator that can help me estimate my taxes for different scenarios? (lemmy.world)

submitted 2 months ago by [email protected] to c/nostupidquestions

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In the USA. Would be great if the calculator also had a state version but it's ok if not.

I was awarded SSDI this year and am currently withdrawing money from my IRA to stay afloat.

I found the IRS forms - mainly in publication 915 - to calculate my tax burden, but because I also got a lump some from SSDI backpay this year it feels too complicated.

Basically I am trying to see if it makes sense from a tax perspective to withdraw more from my IRA before the end of the year or to wait til next year, and if so, how much more.

I am single and only ever do the standard deduction. I don't think I qualify for the earned income credit or any other credits that I'm aware of. I'm not in a state with the new IRS direct file program unfortunately.

So does anyone know of a basic calculator I can run different amounts through?

Thanks

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[–] [email protected] 2 points 2 months ago (1 children)

I don't think you'll find a free, ready-made tool.

The easy solution is to get a commercial tax package like TurboTax and run different scenarios.

The other option is to make a big spreadsheet that mimics the tax forms, with linked cells and logic to match the instructions on the forms. It's very time consuming, but at the end you will understand your tax situation much better because you've sifted through all the details.

[–] [email protected] 1 points 2 months ago

Thanks, I didn't think I would but wanted to see. I really appreciate it