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lonfre6
New Member

After filing my TurboTax I use the saved copy to projrct my MRD for the next year. Is there a way to change my standar deduction to the $24,00?

 
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dmertz
Level 15

After filing my TurboTax I use the saved copy to projrct my MRD for the next year. Is there a way to change my standar deduction to the $24,00?

Since you appear to be using the CD/download version of TurboTax, the latest version of the What-If Worksheet available in forms mode has been updated to use the 2018 tax tables, standard deduction and eliminates the personal exemption.

This worksheet does not yet have support for the Qualified Business Income Deduction if you have income from a sole-proprietorship, a partnership or an S corp.  If you will be eligible for this deduction, you'll have to calculate it yourself and apply it on the worksheet as an override.  I do this by overriding the no-longer-used personal exemption line and entering it there.  There are likely other areas of the worksheet that are not yet complete for 2018, so be a bit skeptical of the results.  TaxCaster likely has the same limitations.

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3 Replies
dmertz
Level 15

After filing my TurboTax I use the saved copy to projrct my MRD for the next year. Is there a way to change my standar deduction to the $24,00?

Since you appear to be using the CD/download version of TurboTax, the latest version of the What-If Worksheet available in forms mode has been updated to use the 2018 tax tables, standard deduction and eliminates the personal exemption.

This worksheet does not yet have support for the Qualified Business Income Deduction if you have income from a sole-proprietorship, a partnership or an S corp.  If you will be eligible for this deduction, you'll have to calculate it yourself and apply it on the worksheet as an override.  I do this by overriding the no-longer-used personal exemption line and entering it there.  There are likely other areas of the worksheet that are not yet complete for 2018, so be a bit skeptical of the results.  TaxCaster likely has the same limitations.

MichaelL1
Level 15

After filing my TurboTax I use the saved copy to projrct my MRD for the next year. Is there a way to change my standar deduction to the $24,00?

What really would be best is to use a New Tax Law calculator.

Look at 2017 income and then project 2018 income and do it that way.

I can get your standard deduction to look higher, however you are losing personal exemptions, an tax rates are being reduced so there are too many variables and you are going to be off.  

If you did not itemize in 2017 then you should be looking better for 2018 with the $24,000 standard deduction.  

If over 65 there is also additional amount of $1,250 or $1,300 for each of you age 65 or older also. 

You can go to your current 2017, and go to Other Tax Situations and look at estimated tax payments for 2018 (without actually having to complete the forms) and this may give you a ballpark number. 

macuser_22
Level 15

After filing my TurboTax I use the saved copy to projrct my MRD for the next year. Is there a way to change my standar deduction to the $24,00?

Try TaxCaster:

<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/">https://turbotax.intuit.com/tax-tools/...>
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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