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Level 1

Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.

 
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Level 20

Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.

"Can I use Turbo Tax to estimate next years taxes?"

 

Yes, but it will not be exact - it will be an estimate, however, and give you a rough idea. You can also use TaxCaster (see link below).

 

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

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Level 20

Can I use Turbo Tax to estimate next years taxes? I am considering paying off my home loan with IRA funds and want to see what my potential tax implications will be.

If it's a Traditional IRA, keep in mind that you will owe Federal and state taxes, plus perhaps a 10% early withdrawal penalty.  If you are collecting Social Security, it can also make more of that taxable, plus lower or eliminate some deductions/credits.

You are wise to test this out in advance.