Can I copy my online tax return to create another tax return with which I can do some what-if planning to estimate what withholding I'll need in 2024?

[mlevy9]

I know I will have additional income in 2024 (Social Security benefits and more interest income.) I owed additional taxes on my 2023 tax return, plus a penalty for under-payment. I want to avoid that in 2024, by using my 2023 return as a starting point and add income to see what my taxes would be, which will help me to adjust my withholding in 2024.  Is that what Taxcaster does?

[JulieS]

No, Taxcaster is a refund estimator that is for the current tax year. 

TurboTax has tools for estimating your 2024 tax liability in the program. You can find them here:

1. Sign in to your TurboTax account.
2. Select Other Tax Forms and find Form W-4 and Estimated Taxes, select Start or Revisit to the right.
3. Answer No to the question Do you want to change your W-4 withholdings for 2024?
4. Select Review Now on the next screen.
5. Answer the questions about your 2024 filing status, expected income, and deductions.
6. You can use this section to estimate your total tax, create a new W-4 form, or print estimated vouchers for 2024. 
    

Of course, you can create another account for planning purposes only, but doing so creates some risks, including the fact that it looks like a potentially fraudulent account and you may accidentally use it to file your return next year.

Also, there's no way to automatically create a copy of your return in TurboTax Online.  

[mlevy9]

JulieS, thanks for the details. However, I have already filed my 2023 taxes using TurboTax Online, and I am not seeing what you have shown in step 2 of your reply to me. How can I find this tool for estimating my 2024 tax liability?

[Cynthiad66]

See the Exhibits below for the steps outlined by JulieS.  One step may have been missing before.

Log in to your account

Go down to Exhibit 1, Other Tax Situations

Hit the dropdown, then select Other Tax Forms

Dropdown then Select W-4 and other forms.

Exhibit 1

Exhibit 2

Exhibit 3

@mlevy9

[mlevy9]

I've already filed my 2023 taxes through TurboTax Online, so I do not see the "2023 TAXES" section, that is shown in Exhibit 1, on my screen. Is there another way to get to this tool, to estimate what my tax liability will be for my 2024 tax return? JulieS wrote that Taxcaster is a refund estimator for the current tax year. But couldn't I use it by plugging in my estimates for 2024 income, etc., and then try various estimated withholding amounts until Taxcaster shows that my refund for my 2024 tax return will be zero or close to it. Kind of a reverse way of using Taxcaster? I know the tax law, tax codes, and standard deductions may change in 2024, but at least I could generate a rough estimate of what my withholding should be for 2024 payments, yes?

[JohnB5677 · Accepted solution]

If you are willing to plug in your own numbers, you can open a new TurboTax Online account with a new ID.  

The software is free until you go to file, but you don't plan to file again anyway.

This will give you the most detailed return available.

You can even view the tax return.

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2 & 3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 d - Withholdings.

Line 26 - Estimated tax payments

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

Your right "the tax law, tax codes, and standard deductions may change in 2024".

But that's an unknown you can deal with later

[mlevy9]

JohnB, thanks for the reply. This looks like a lot of work to re-enter all of my info at the many prompts, as if I'm starting a new tax return from scratch. But, it also sounds like it is the best way to estimate my optimal Federal withholding, rather than using Taxcaster, yes? Plus, this method should also help me estimate my optimal withholding for my NC tax return as well. 

[VolvoGirl]

If you use the Desktop program you could copy your return to test in.  And there is a What-If worksheet and several other advantages.  The Desktop program can do unlimited returns.  If you want to switch we can tell you how to move your online return to the Desktop program.  

[rosiemarie]

I used the desktop program to file my 2023 taxes.  Could you please provide the instructions for copying my return so I can use it for projections for 2024.  I really don’t want to have to re-input all of that info.  Is there a way for me to indicate that the copied tax return is my test return - maybe changing the name?

Thank you.

Rosie

[JamesG1]

In TurboTax Desktop, select File and Save as in the upper left hand corner of the screen to save one or more tax files for various uses.

Include a statement within the name of the file such as Projections to clarify that this is not your officially filed 2023 tax return.

Throughout the tax season, you may want to save versions just to have a backup should something happen to the file that you are working with.

@rosiemarie