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ljmurray
Returning Member

Can TurboTax be used to run proforma tax returns for analysis/tax planning purposes?

I am recently retired and need to decide whether to start Social Security payments next year, or to only draw down from IRAs and 401(K)
3 Replies
DoninGA
Level 15

Can TurboTax be used to run proforma tax returns for analysis/tax planning purposes?

You can use the TurboTax 2019 online editions for test purposes since there is no payment required unless you want to the print or e-file the tax return.

 

Or you can use the TaxCaster calculator to do estimates - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

SteamTrain
Level 15

Can TurboTax be used to run proforma tax returns for analysis/tax planning purposes?

@ljmurray 

 

If you used the "Online" software for your 2019 taxes........just don't use the same "Online" tax account that you filed your 2019 taxes from...only use a new account.

 

..................(or better yet...use desktop software every year, that allows you to have different  test files , and even a special "What-If" worksheet in the current tax return that allows you t see what would happen the next year, but without destroying your current tax file) 

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
Bees
Level 7

Can TurboTax be used to run proforma tax returns for analysis/tax planning purposes?

Here is another tool to play around with https://www.mortgagecalculator.org/calcs/1040-calculator.php

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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