I am 67 and want to make significant withdrawals from IRA money to purchase a second home. I need to determine the difference in taxation if I wait until 2025 when at least one of us will be retired and income will decrease.
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. How to start a new online return
https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596
It would be better to use the Desktop installed program. In the Desktop program there is also a What-If worksheet. And in Desktop, you can save your return with another name to test in. Go up to FILE – SAVE AS.
To use either you can go to the Estimated section. 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.
I use the desktop edition, clone the filed return file, and make what-if changes on the cloned copy. That's simpler than creating another online account and re-entering all the unchanged data. I was thinking of using the online version and was wondering if I could do what-ifs, so thanks for your reply. I'll stick with the desktop version.