How to do a rough estimate?

[Don-TT]

Hi, I have TurboTax 2024 and many previous years' versions....my question is this. I would like to do a "quick" entry of my basic data into turbo tax, to see if I should make some charitable deductions or other transactions to lower my tax bill - before the end of the year.

I know my dividends, cap gains, ordinary income. I can make some basic estimates on deductions, charitable deductions, etc. I just want a simple way to enter this data with some "guesstimates", to see what the tax bill looks like, and then I can change numbers to see what I am able to do before Dec 31. I don't want to go through all the Q&A normally needed to enter exact data - I don't have 1099s yet - and I noticed some parts of Turbo Tax 2024 aren't even ready.

I could even do this using Turbo Tax 2023 to get a very rough idea where my taxes stand. I have versions still installed on my computer back to 2016.

I am thinking there might be a table/form with final numbers in one of my older tax files (or create a new one), that I could use to just change or type numbers into, that was not connected to interview questions, downloads, etc.

Is there a simple way to do this with any version of Turbo Tax? Thanks.

[rjs · Accepted solution]

Since you have the desktop TurboTax software, try using the What-If Worksheet in forms mode.

• Click the Forms icon at the top right.
• Click the Open Form icon at the top left.
• In the search box type "what" (without the quotes).
• The What-If Worksheet will appear in the window. Click on it, then click the Open Form button at the bottom of the window.
• Click Help Center for instructions for using the form.

You can do this in the 2024 software, or use the 2023 software and check the box to use 2024 tax rates. If you use the 2023 software you can check a box to copy all the figures from your 2023 tax return.

The What-If Worksheet is not available in TurboTax Online.

[Don-TT]

Thank you, I'll try this out and report back!!!

[Don-TT]

@rjs I played around with the What-If Form last night. I looked at the Help writeup to see if it answered a couple of questions, and I didn't find the answer. Do you know the answers to these?

Maybe I don't understand the underlying gist of how its used - but I started adding revised figures into the second column (I used a copy of my 2023 form, checked the box for 2024 tax rates). As I got down the list, some of the boxes I could not type into?  But they could have been sum-total types of boxes, and there is no way that I saw to generate a calculated value for those boxes? 

I was under the impression I just type numbers into the boxes of a column and then it calculates taxes etc. What generates the taxes and any other boxes that need to have calculations? Or am I totally off-base in how I am using it?

Thanks!

[Hal_Al]

If you used the download  version of TurboTax (TT), that is, you currently have TT 2023 on your computer, make a copy of your 2023 return (click file / save as). Name it something like "2024 Preliminary" and then replace your 2023 entries with your 20224 estimates. It won't be exact because the program uses 2023 tables and numbers. But, it should be close enough for most purposes. I use the override feature to change the standard deduction and MAGI numbers, on the forms, where appropriate. This doesn’t work with online TT, because you will override your 2023 return.

[Don-TT]

@Hal_Al so you are saying just to take a copy of the final 2023 tax file, and manually override/enter new values? Interesting. I'll check that out too, thanks!

[Hal_Al]

Q.  So you are saying just to take a copy of the final 2023 tax file, and manually override/enter new values?

A.  Yes. Make the override entries on the copy, not your original return. 

[rjs]

@Don-TT 

Your understanding of the What-If Worksheet is correct, and you seem to be using it correctly. What specific boxes can you not type into? The calculated values probably come from something higher up in the form, possibly one of the "Smart Worksheets." Itemized deductions come from the Itemized Deductions Summary" all the way at the bottom of the form.

The danger in using actual overrides in forms mode is that an override can break the internal calculations. The flow of the calculations is not always obvious, and an override can sometimes unexpectedly affect something that does not seem to have any connection with what you overrode. You might not realize that you are getting wrong results. If you use an actual override, the amount will be shown in red in forms mode.

[Don-TT]

Ah I got it working - I didn't realize what the Quick Zoom button was doing for me, getting me to the deductions where I modified them there. I also didn't see how it was updating some boxes as soon as I hit enter on modifying something. I got it working now! 

No worries about raw accuracy - I just need something very rough to get some ideas. Thanks for the help!