Level 2

Solved

-What If- Option

13 replies
194 views

Turbo Tax used to have a "What If" option which allowed you to run different tax scenarios while getting your tax return together. I found it very useful. Was I the only one?

VolvoGirlAnswer

Level 15

Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.

Here's a couple screen shots for Windows

OR using SEARCH

SteamTrain

Level 15

A bunch of us use it.

But it is only available in the Desktop software......and opened by searching for it in Forms Mode.

If you have the 2023 desktop software installed...it is best to use it there (who knows if the 2024 software has it working properly yet). In the 2023 software, you can transfer all your 2023 data into a new column...mark a box to use 2024 rules, then change individual entries to match any changes you expect for 2024.

It won't be exact, but probably good within a couple hundred $$.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

L

leenaudAuthor

Level 2

Thanks for your reply. I have TurboTax Home and Business 2023. I do not see the option to "Transfer Data into a new column, nor the check box to use 2024 rules. Forms is an menu option. Has no search button

VolvoGirl

Level 15

Is your program updated? I had trouble early getting the What-If worksheet to work right. Don’t remember what I did. Kept checking boxes I guess and opening and closing the program. It finally started working right. I have Home & Business too.

rjs

Level 15

Here's how to get to the What-If Worksheet in the downloaded desktop TurboTax software installed on your computer.

Click the Forms icon at the top right.
Click the Open Form icon at the top left.
In the search box type "what" (without the quotes).
The What-If Worksheet will appear in the window. Click on it, then click the Open Form button at the bottom of the window.
Click Help Center for instructions for using the form.

In the 2023 software there is a box you can check to use 2024 tax rates.

The What-If Worksheet is not available in TurboTax Online.

L

leenaudAuthor

Level 2

Thanks for replying. Unfortunately I was not able to follow the steps you suggested. I have a FORMS menu item.There is no Search option. I have TurboTax Home and Business 2023 on my desktop.

VolvoGirlAnswer

Level 15

Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.

Here's a couple screen shots for Windows

OR using SEARCH

R

rmashruwala

Level 2

TT what-if worksheet gives incorrect numbers for charitable deductions. IRS limits charitable deductions to 20, 30, 50, or 60% based on the type of property donated. TT disregards the limitations entirely or partially. The results are grossly incorrect and could lead to massive underpayment.

SteamTrain

Level 15

@rmashruwala

True...it isn't meant to be that detailed about the 20, 30, 50/60% charitable deductions. If you rt-click on that line and check the instructions for that entry...it says:

"....The program does not calculate any limits to the amounts in columns (2), (3) and (4), so be sure that you apply the limits before you make an entry, or change an entry, in these columns."

________________

So, once you get your AGI entered and calculated, way up towards the top....Yep...you need to do the limitations calcs yourself based on what/who you've contributed to for the year...or guestimate an approximate amount.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

R

rmashruwala

Level 2

Then why do they write "Gift to charity (50%/60%)" in line 10 under Itemized Deductions Summary in the worksheet?

Any reasonable person would think TT applies the proper limits after reading that line.

B

bg312

Level 2

I am using Turbo Tax 2024 on my PC, but because I "downloaded" the premier version from the website it is considered "on-line"? I have always used the What-if page for tax forecasting. I cannot find it using the Forms/Open Forms process. This may end my 20+ years of using Turbo Tax. I guess I will have to go back to my spreadsheet model. Any chance this form will be included in a future update?

VolvoGirl

Level 15

O it is not the “Online” version. The download is still the same Desktop program as the CD. It’s just the method you use to install it. The What-If worksheet is still there. I have the Windows Desktop program, I can make a screenshot for you.

To use the What-If worksheet, Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.

Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.