Is there no way in Turbotax to estimate my taxes for 2024 related to possible retirement senarios?

[PaulieB1]

I'd like to be able to use Turbotax to input some possible spending senarios from different funding sources to get an idea of my tax exposure for each as I contemplate retiring in 2024. Is there no way to do that in Turbotax?

[DoninGA]

Only the TurboTax desktop CD/Download editions have a What-If worksheet in Forms mode that has the 2024 tax rates.

You can use the TurboTax calculator TaxCaster to estimate taxes owed or a tax refund for 2024 (Note that the calculator is for currently for tax year 2023 but should give you a close estimate for 2024) - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[Bsch4477]

The What-if Worksheet is only available in the desktop version. But you can try this:

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

[Opus 17]

There's four things you can think about.

1. The Turbotax TaxCaster (linked by the other experts). Note this uses 2023 laws and deduction limits, but the changes for 2024 are not currently expected to be major.

2. The IRS withholding estimator will also calculate your estimated tax, using 2024 rules and limits.

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

3.  You can use Turbotax online, but there are limitations.  Turbotax is "free to start" and you only pay when you file, so if you make a test return and play around with the numbers, it will be free as long as you don't go all the way and commit to filing.  You need to make a new online account with a different user name and password so you don't contaminate your actual file with your experiments. And, the program will use 2023 laws and limits.

4. If you already bought Turbotax 2023 to install on your own computer (from a CD or download) you can make as many experimental files as you want, with different file names so you don't mess up your actual 2023 return. You can also use the "what if" worksheet in the desktop program. 

There is no version of turbotax that can help with the special social security rules that reduce your benefits if you declare your benefit but keep working, for that you need to see a proper financial planner. 

[Anonymous_]

@PaulieB1 

You can try the site at the link below.

https://www.dinkytown.net/java/1040-tax-calculator.html

[VolvoGirl]

There is another way Online but you need to be very careful.  

To plan for next year in the Online version you can go though the Estimate section. Click on Add A State to let you back into your return, Be very careful not to change any of your actual current return. Or you can set up another account to test in. You don't have to pay unless you want to print it out. You can use the same email address for 5 accounts.

You can just type W4 in the search box at the top of your return, click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.