Is there a way to file a tax return early (for exa...
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Is there a way to file a tax return early (for example, in Sept) to get an early understanding of taxes owed?

 
3 Replies
Level 15

Is there a way to file a tax return early (for example, in Sept) to get an early understanding of taxes owed?

No ... what you need is an accounting program not an income tax program.   

 

If you used the online program you could download the amendment program now  and use the what - if, test or estimated section.   https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

 

And in the future ... use the superior downloaded version to start with so you can What If to your heart's delight anytime ... you can use the Deluxe version (Basic if you don't need a state return) to save a few bucks.  

 

This is my mini version of  a tutorial  that should be in the downloaded program: 

 

Always remember to shut off the auto update function once you have filed your returns and do not do any updates unless you have safeguarded the PDF & .taxfiles to a removable storage unit for safekeeping.

 

 

What is Forms Mode?

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.

                  

Related Information:

                             

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

  • >>>In the TurboTax CD/Download software by creating a test copy
  • 1.  Open your return in TurboTax. 
  • 2.  From the File menu, choose Save As. 
  • 3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
  • 4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
  •  https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

           

  • >>  use the WHAT IF tool: 
  • - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
  • - Click on the Open Form Icon 
  • - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
  • - You will see the worksheet on the right side of the screen; enter the information right into the form 
  • - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

 

 

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:

  1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
  2. Browse to where you want to save your backup.
    • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
  3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
  4. Click Save and then close TurboTax.
  5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

 

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 :

 

 

 

 

Level 15

Is there a way to file a tax return early (for example, in Sept) to get an early understanding of taxes owed?

You can use either turbotax's tax caster (still for 2019 but not much has changed) or the IRS withholding calculator to get an idea of where you are.

 

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

 

https://www.irs.gov/individuals/tax-withholding-estimator

 

If you wanted to fork over $65 for the 2019 version of Turbotax, you could put in your 2020 numbers -- not much has changed in the tax law so the result will be very close.  But I would use the two estimators first. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Level 7

Is there a way to file a tax return early (for example, in Sept) to get an early understanding of taxes owed?

This is an excellent tax estimator to play around with. https://www.mortgagecalculator.org/calcs/1040-calculator.php   edited link from ez form to full 1040

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
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