How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

fariborz1500 — Mon, 28 Dec 2020 22:33:50 GMT

Re: How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

xmasbaby0 — Mon, 28 Dec 2020 22:51:24 GMT

It is much easier to do that when you use desktop software. If you use the CD/download you can prepare multiple tax returns and experiment the way you seem to want to. With online you get one return per fee--and each return needs its own account and user ID.

When you use Online TurboTax, you get one return per fee. Each return needs its own account and user ID. If you use the same account and user ID for a second return, you overwrite the first one and lose it forever.

When you use Desktop TurboTax, which you install from a CD or download to your own hard drive, you can prepare and e-file multiple returns for the cost of the software. You can e-file up to 5 Federal returns—more if you mail the additional ones. If you have multiple returns to prepare for family members, Desktop is more cost effective.

Desktop --unless you specifically buy federal Deluxe only from a retailer-- will include the software for one specific state. You can prepare as many returns for that state as the number of federal returns you prepare. E-filing state returns is an extra fee which can be avoided by printing and mailing the states. Additional--other--state software is an additional fee for the software.

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596

https://ttlc.intuit.com/questions/1901306-how-many-times-can-i-e-file-using-the-turbotax-cd-or-download

https://ttlc.intuit.com/questions/2942039-what-s-the-difference-between-turbotax-online-and-the-turbotax-cd-download

https://ttlc.intuit.com/questions/2750704-what-are-the-advantages-of-the-turbotax-cd-download-software-over-the-online-version

Re: How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

fariborz1500 — Mon, 28 Dec 2020 23:11:32 GMT

Thank you for your answer. Last time, for 2019 tax preparation, we had paid for the on-line. Is there any way we can use what we have to make decisions about any actions we should do or change before the end of this year to affect our next year's taxes positively? For example, if we sell a rental property this year, how much tax consequence will it have?

Re: How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

xmasbaby0 — Mon, 28 Dec 2020 23:13:31 GMT

Try the Taxcaster tool:

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

topic How can we use Turbo Tax to simulate 2020 taxes for different planning strategies? in Deductions & credits

How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

Re: How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

Re: How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?

Re: How can we use Turbo Tax to simulate 2020 taxes for different planning strategies?