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Constantins
Returning Member

How to use the TT to emulate my taxes for next year?

Based on my estimated income, I want to see what would be the taxes next year, using the last Turbo Tax.
4 Replies
mesquitebean
Level 15

How to use the TT to emulate my taxes for next year?


@ Constantins wrote:
How to use the TT to emulate my taxes for next year?
Based on my estimated income, I want to see what would be the taxes next year, using the last Turbo Tax.


You appear to be using the Online version, so your choices are more limited.  Desktop users have an advantage and can experiment with multiple returns and also have a "What If" tool.

 

Whatever you do, do NOT experiment in your already-filed return.  TurboTax saves it after every page, and your original return would be overwritten and not be recoverable.

 

Some users start another Online account (different User ID) to experiment in.  It's "Start for Free", so there's no fee as long as you don't try to print.    Having multiple accounts can cause some confusion when filing the next year, so you have to be careful to keep track of which one your actual return was in.

 

There's also a Taxcaster Tool at the TurboTax website:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Constantins
Returning Member

How to use the TT to emulate my taxes for next year?

I am using TT Home and Business last edition, Desktop, not online. Could you update the answer. I will look for what if tool too.

Thank you

DoninGA
Level 15

How to use the TT to emulate my taxes for next year?


@Constantins wrote:

I am using TT Home and Business last edition, Desktop, not online. Could you update the answer. I will look for what if tool too.

Thank you


Go to Forms mode and use the What-If Worksheet, check the box to select the 2020 tax rates.

Click on Forms (upper right using the Windows desktop software)

Click on Open Form at the top left in Forms mode

Type in what-if.  Click on the result to open the worksheet.

Critter-3
Level 15

How to use the TT to emulate my taxes for next year?

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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