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Old 09-29-2016, 08:20 AM
 
Location: Charleston, SC
1,369 posts, read 771,288 times
Reputation: 2428

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I took a first look at our 2016 Income thru Turbo's TaxCaster website. I didn't see a specific entry point for Social Security Income, so that they could be separated into the 50% and 85% "steps" for lack of the proper term.

I'm wondering if that little subtlety is baked into the software online.
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Old 09-29-2016, 10:04 AM
 
Location: OH>IL>CO>CT
5,249 posts, read 8,430,817 times
Reputation: 7219
At https://turbotax.intuit.com/tax-tool...ors/taxcaster/, 6 steps in there is a page with 10 icons, select the "Other Income" icon, then 3 steps in is where you enter gross SS income.

When I just now entered my actual TY2015 numbers with SS income, the result was within $5 of actual refund.

And yes, I "gave back" some SS income. 29% became taxable, resulting in a 3.7% "give back".
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Old 09-29-2016, 10:57 AM
 
Location: Charleston, SC
1,369 posts, read 771,288 times
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Thanks Reed !!!

Im going to tinker around with it tonight.
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Old 09-30-2016, 07:34 AM
 
Location: Charleston, SC
1,369 posts, read 771,288 times
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Whoopsie....looks like I've woefully under-estimated my Tax Liability for 2016 (I had some unexpected Consulting Work).

Is there any way to add to my IRS Withholding this late in the year ??
Can I send in an Estimated Quarterly Payment ??

How is the Penalty calculated ??
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Old 09-30-2016, 09:42 AM
 
Location: OH>IL>CO>CT
5,249 posts, read 8,430,817 times
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2 other possibilities;

1. If withdrawing any IRA money, have taxes withheld at same time

2. Notify SS to start taking deductions from your monthly benefit. See https://www.ssa.gov/planners/taxwithold.html
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Old 09-30-2016, 06:52 PM
 
Location: Alaska
5,356 posts, read 16,361,762 times
Reputation: 4024
The penalty usually isn't that large. I've had to tweak my withholding my first two years of retirement and had to pay a penalty that was less than $25 (can't recall exact amount, might have been single digits). You can make a quarterly payment that will reduce or eliminate the penalty. The last quarterly payment is due January 15th. If your current withholdings will exceed your safe harbor limit, you won't owe a penalty and won't need to make the quarterly payment.
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Old 10-01-2016, 06:33 AM
 
Location: Charleston, SC
1,369 posts, read 771,288 times
Reputation: 2428
Good to know about the size of the Penalty......I hate penalties.

When I saw the shortfall, I immediately increased the witholdings on my Pension Check. I'll only catch the last few months of this year. So I will send them a check on the last quarterly payment in January (just missed the September quarterly).

My saving grace may be that the old withholdings from Pension would have covered all of my last year's tax liability.....so I may have an out there. The increase in 1099 Income this year was a pleasant surprise, but I meant to do this mid-course check on TaxCaster back in June.....but Life Happened, as the say.
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