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New Member

How can I estimate my taxes before year end? Necessary sections are still not working yet, such as mortgage interest paid, IRA distribution amounts.

trying to estimate 2020 tax bill so i can plan better
3 Replies
Level 15

How can I estimate my taxes before year end? Necessary sections are still not working yet, such as mortgage interest paid, IRA distribution amounts.

The IRS is drafting new 1099R forms.  Then the software has to be programmed for them, and the IRS has to test and approve of the software.  It is a complex process because of the all the CARES changes.  It could even be a couple of months—sometime in January or even February.  Meanwhile if you are trying to plan, if you have 2019 desktop  (CD/download software) for 2019 use the what if feature- in Forms mode-but it will not have that CARES stuff.

 

You can also try using the Taxcaster tool:

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

 

There are a number of 2020 forms that are still being revised by the IRS.  Click on the REVIEW tab to see what form(s) you are waiting for and when it is estimated to be ready (when operational ….and dates are subject to change) ... 

 

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·         

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
New Member

How can I estimate my taxes before year end? Necessary sections are still not working yet, such as mortgage interest paid, IRA distribution amounts.

Thank you. I use online, not desktop so I can't use that what-if feature (which sounds like it would suffice for my estimates. I'm even having difficulty pulling up 2019 return. I go to print center, and it only brings up this year. 

Level 15

How can I estimate my taxes before year end? Necessary sections are still not working yet, such as mortgage interest paid, IRA distribution amounts.

You have to access your own account and/or  print it for yourself using exactly the same account and user ID that you used when you prepared the return.

 

Many people have multiple TT accounts and forget how to access them.  Log out of the account you are in now.

 

Account recovery

https://myturbotax.intuit.com/account-recovery/

https://ttlc.intuit.com/questions/1901535-forgot-your-turbotax-online-user-id-or-password

Or did you use the desktop version of TurboTax?  If so, the files are on your own hard drive or any backup device you used like a flash drive.

 

https://ttlc.intuit.com/questions/1901486-how-many-turbotax-accounts-do-i-have

https://ttlc.intuit.com/questions/1901535

https://ttlc.intuit.com/questions/1901659-find-your-tax-data-file-in-mac

https://ttlc.intuit.com/questions/1900721-find-your-tax-data-file-tax-file-in-windows

 

To get a copy of your previously filed returns prepared with online TurboTax https://ttlc.intuit.com/questions/1900748-how-do-i-get-a-copy-of-a-return-i-filed-in-turbotax-online

 

https://ttlc.intuit.com/questions/1900748-how-do-i-get-a-copy-of-a-return-i-filed-this-year-in-turbo...

 

SAVE YOUR TAX RETURN !

 

EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records.  That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.

https://ttlc.intuit.com/questions/1900937-why-should-i-save-a-pdf-copy-of-my-return

https://ttlc.intuit.com/questions/1899779-what-s-the-difference-between-the-tax-data-file-and-the-pd...

https://ttlc.intuit.com/questions/1912466-how-do-i-save-my-return-as-a-pdf-in-the-turbotax-software-...

https://ttlc.intuit.com/questions/1912533-how-do-i-save-my-return-as-a-pdf-in-the-turbotax-software-...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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