I was thinking of creating a second return in TT for my 2025 projections after I finish and file my 2024 return. My filing status will change in 2025 (I was widowed in 2024) and some income will change next year. Conceptually, this could help me determine quarterly tax estimates, where I will be on the IRMAA scale, etc. Anyone ever do this and was it effective? Thanks!
Using a 2024 dummy account to project your taxes may not result in an accurate answer. The primary reason is that tax laws change from year to year including the standard deduction and tax brackets which are key numbers in the tax calculations.
A better way to do it is to use the Form W-4 and estimated taxes feature in TurboTax. This is found in the Other Tax Situations section of TurboTax.
From your Federal Return select
* Note that navigation may be slightly different for different users.
Using a 2024 dummy account to project your taxes may not result in an accurate answer. The primary reason is that tax laws change from year to year including the standard deduction and tax brackets which are key numbers in the tax calculations.
A better way to do it is to use the Form W-4 and estimated taxes feature in TurboTax. This is found in the Other Tax Situations section of TurboTax.
From your Federal Return select
* Note that navigation may be slightly different for different users.