Federal Income (1040) Tax Calculator
Despite the claims of the recent tax bill, there is nothing simple about taxes. This calculator allows you enter all the information you expect to be on your 2018 tax return to determine your federal tax liability for this year. A great place to start is to enter everything on last year’s return to see if you are a winner or loser based on the changes to the tax code effective this year. Make sure if you are over 65 to check the appropriate age-related Standard Deduction boxes.
This calculator is also helpful to project your tax liability once you enter retirement. For instance, you can enter the amount you plan to distribute from IRAs and the amount of Social Security you will receive to see how much of your Social Security will be taxed—this is one of the most asked questions we get.
Keep in mind this calculator is only a snapshot in time. To have a full understanding of your tax situation you need to project your future liability over time as things change, such as the current tax code sunsetting in five years.
To discuss tax issues or another financial concern, please call our main office at 303-694-1600 or you can request a Discovery Session through an online form.