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gators70
Level 1

Does anyone know of a tax program where you can estimate your taxes for 2020 now before year end?

I would like to get an estimate of my tax picture so that I will know how much more I need to contribute to charity to reduce my AGI this year.
4 Replies
Critter-3
Level 15

Does anyone know of a tax program where you can estimate your taxes for 2020 now before year end?

Actually the best option is to use the fully functional 2019 downloaded program.

 

Second choice would be the 2020 download that is not fully functional.

 

Third choice ...  http://turbotax.intuit.com/tax-tools/calculators/taxcaster  

Hal_Al
Level 15

Does anyone know of a tax program where you can estimate your taxes for 2020 now before year end?

  I agree with Critter's three choices, but be aware the first 2 are  are based on 2019 rules.

 

I don't know of a fully functional program that uses 2020 rules.  The first version TurboTax 2020 is usually available in late November or early December.  I've seen both Nov. 28 and Dec 4 estimates.

Critter-3
Level 15

Does anyone know of a tax program where you can estimate your taxes for 2020 now before year end?

The What If tool lets you choose the 2020 tax rules ...

 

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

what if .. 2019.PNG

AmeliesUncle
Level 12

Does anyone know of a tax program where you can estimate your taxes for 2020 now before year end?


@gators70 wrote:
how much more I need to contribute to charity to reduce my AGI this year.

 

Generally, charitable contributions do NOT reduce AGI.  If you itemize, they may reduce your "taxable income", but they don't reduce AGI.

 

For this year only, you can deduct up to $300 of cash (or credit or check) charitable contributions that WILL reduce AGI.  But that is limited to $300.  Any charitable contributions above that only reduce "taxable income" (and only if you itemize); they won't reduce AGI.

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