I recently retired and am doing some financial consulting and have a rental property. I am interested in using software to do 2022 estimated taxes. What should I do?

[davidjhawkins]

I've used TurboTax in the past.  Can I just buy the software and does it help with estimated tax payments?

[tagteam · Accepted solution]

None of the products for the 2022 tax year are available at this time.

You can use TaxCaster for 2021 to get a rough estimate.

See https://turbotax.intuit.com/tax-tools/calculators/taxcaster

[xmasbaby0]

Bear in mind that some of the tax laws changed for only 2021, so the 2021 Tax Caster may not accurately predict your 2022 results.   There will be no recovery rebate credit for stimulus checks for 2022, the child tax credit is lower, and the earned income credit reverts to pre-2021 eligibility criteria, among other things.

[Hal_Al]

You can not do a 2022  preliminary/test return in the online versions of Turbotax. 

If you used the download (or CD) version of TurboTax (TT), that is, you currently have TT 2021 on your computer. Make a copy of your 2021 return (click file / save as). Name it something like "2022 Preliminary" and then replace your 2021 entries with your 2022 estimates. It won't be exact because the program uses 2021 tables and numbers. But, it should be close enough for most purposes. I use the override feature to change the  standard deduction and other numbers, on the forms and worksheets,  where appropriate.

Q.  Does it help with estimated tax payments?

A. Yes, both download and online TT can be used for 2022 estimated payments. 

TurboTax (TT) can prepare the quarterly payment vouchers. In your 2020 software, enter at:

 Federal Taxes or Personal (H&B version)

-Other Tax Situations

  -Other Tax Forms

    -Form W-4 and Estimated Taxes - Click the Start or Update button

On the next screen answer No to the W-4 question

[NCperson]

@davidjhawkins - also, the download version has incorported the known tax changes into the 2022 estimate report.  (So the child tax credit goes back to the 'old' way, there is no stimulus, etc.)

the challenge is the best way to use the CD versuib of the software is loading in your 2021 tax return for the best result. Not a necessity but usefule