I think the only remaining uncertainty in my situation is the size of the December VTSAX dividend payment, but I’ve done my best to estimate that (1.8% dividend yield / 4 * size of VTSAX holdings). I was a bit disappointed in myself for being so far off. Refunds are simply money that you’ve overpaid to the government and consequently earned 0% interest on (technically negative interest after accounting for inflation). The above tells us that tax refunds are not free money. Tax refund = tax withholdings – tax liability (what my spreadsheet tells you) I suggest you take a few minutes to change your withholdings appropriately so you don’t end up with a massive refund/payment. You may download my spreadsheet here ( link). For the past many years my spreadsheet has been within a couple dollars of the values generated by TurboTax & TaxAct, so I have no reason to believe that this year will be any different. Given that 2019 is a few weeks away from ending, I don’t feel comfortable dragging my feet any more (tax planning must be complete by Dec 31, with the exception of IRA contributions).
As of today, however, neither site has been updated for 2019. I think I updated it several months ago but I wanted to wait until TurboTax & TaxAct updated their tools so I could validate my spreadsheet against theirs. I’ve been dragging my feet on the release of my 2019 tax calculator for a while now.
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