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This can only really be done by using the DOWNLOADED version ... if you want to use the ONLINE program you would have to open a new account and enter everything again and even then you would only be able to see the form 1040 unless you want to pay the TT fees again.
To switch to the downloaded version then use this trick ... download the .taxfile and the downloaded amendment program from the home page and then you can what if to your hearts delight without messing up the filed online return ...
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
This can only really be done by using the DOWNLOADED version ... if you want to use the ONLINE program you would have to open a new account and enter everything again and even then you would only be able to see the form 1040 unless you want to pay the TT fees again.
To switch to the downloaded version then use this trick ... download the .taxfile and the downloaded amendment program from the home page and then you can what if to your hearts delight without messing up the filed online return ...
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
See if TaxCaster will meet your needs. It's at https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
Overall though, as a long term owner of rental property myself, I can tell you that if you have a mortgage on the property, chances are you will never show an actual taxable gain for each year you own/operate the rental. It depends on your rental income to expense ratio. Making the rent higher than the mortgage payment does not always produce a taxable profit each year, though you will definitely have "cash flow".
So there's a high possibility that your tax liability will not be changed by the rental, until the tax year you sell or otherwise dispose of the rental property.
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