- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
SteamTrain,
Thanks for the warning on using the initial version of TurboTax. I always start a new TurboTax file after receiving my tax documents before preparing the final return.
However, for many years I have made estimates of my current year taxes using the prior year TurboTax version, and updating them when the new version comes out. Each year I prepare a 1-page Excel spreadsheet verifying all the calculations that affect my personal return.
I have already entered my estimates into the new 2024 TurboTax Deluxe and have verified that it has the correct tax rates, tax brackets and standard deductions for my filing status. TurboTax does not yet reflect the increased 2024 contribution limits for IRAs and Health Savings Accounts.
I find that using the new version of TurboTax when it comes out works rather well in seeing how different amounts for a potential IRA to ROTH conversion would affect my taxes for the year. I realize the limitations of using TurboTax before it is fully updated.