Retirement Income + Estimated Quarterly Taxes Tags

I am pretty thrilled to discover this worksheet. I’d previous taken a stab on a separate workbook to do this.

This is more of a suggestion than a question. I’m retired and I’m going to have to pay quarterly taxes on my retirement income. Maybe the tag should be called “tax” or something like that? Also, when I hit 65 my standard deduction increases. Should I just switch to an annual deduction?

Interesting questions, @kingsdotter. The template is indeed designed to work with a category “tax” tag. The template is pretty generic and simple applying tax rates so definitely review age-based deduction changes.

I meant the tag for tax related estimated tax reporting. The one you currently have is “business”. Minor issue.

One other thing, you can cover your estimated taxes as 100% of the prior year’s taxes. It might be useful to have a spot to fill that in so you can compare and possibly pay the lesser of the two.

For instance, in 2022 my taxable earning were much lower than they’ll be in 2023 so I could pay my quarterly payments equal to that and bank the difference to collect some interest.

I think I see what you’re saying. Have you tried updating the formula in A51 to replace “business” with “tax”? I’m not certain it will do what you want but easy to try and then undo if it doesn’t work.

Yes, that works. I gave it a tag of “taxable”.