My first quarterly 2018 1040ES payment is due in April. As I have no regular withholding payments being made (being retired),I have to make quarterly payments to cover Federal income tax.
I thought this would be rather simple, use last year's AGI, take standard deduction, eliminate the personal exemption, then apply the new tax brackets. I was astounded to find that my tax liability had increased almost 50% from this past year (2017)!
Is there something that I'm missing in my process, how do other people calculate these quarterly payments?
BTW, TurboTax - for the very first time in years -- did not produce the 1040ES vouchers for the Fed (but did for State & Local).