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mmsherry
New Member

Good tool for estimating 2022 taxes

Wanted to get the experts' thoughts / advice on tools available to estimate 2022 taxes. Thanks

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4 Replies

Good tool for estimating 2022 taxes

Hello mmsherry!

 

Experts here to help!

Turbo Tax has tools to help you estimate your taxes, and best of all it is FREE!

Please use the following link to use the estimator called Tax Caster.   https://turbotax.intuit.com/tax-tools/ 

 

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Good tool for estimating 2022 taxes

TurboTax TaxCaster WILL NOT accurately estimate your 2022 taxes. The calculator is currently tuned for the 2020 tax year and tax law changes every year. Congress is currently considering several tax changes, which may or not become law for 2022.

 

Your best option is to speak with a tax professional. TurboTax Tax Experts are prohibited from offering tax planning advice but they can provide general tax advice. For example, they can (based on current tax law) tell you how much tax you would owe, for example if you sold a home or stock. They would not be able to recommend selling a home or stock.

 

Outside CPAs, enrolled agents or tax attorneys may offer more detailed tax planning.

Good tool for estimating 2022 taxes

There aren't even good tools for estimating 2021 taxes.  consider that in early 2021 tax laws were passed that had a substantial effect on 2020 filings.  there is talk of new tax laws. when and if they will be enacted is anyone's guess. For 2020 many of those that file before apps could be modified to reflect the changes ended up waiting 6 months or more for their refunds. some that had to wait for their refunds still had to file amended returns because the IRS could only make automatic adjustments for some of the law changes. 

Good tool for estimating 2022 taxes

Even though the downloaded program comes out sometime in November each year it is only a beta version which will not be fully operational until  late January at the earliest (much later for some forms and the state programs).  Efiling will not be open until late January at best so do not be in a rush to file.

 

Same with the Online version which becomes functional sometime in December. 

 http://taxpreparationsoftware.com/

                                    

 

 

If you are trying to do some tax planning then use the fully operational 2020 downloaded version instead.

 

This is my mini version of  a tutorial  that should be in the downloaded program: 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

                  

Related Information:

                             

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

 

 

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

  1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
  2. Browse to where you want to save your backup.
    • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
  3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
  4. Click Save and then close TurboTax.
  5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

 

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

 

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