turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am looking for help to perform a look ahead for 2019 tax exposure. Anyone have any ideas on how to do this?

Last year I filed form 1040 because I had a couple of small business ventures that resulted in losses. This year I did not do any business. I have a loss caryover for from year 2018  but this year all my income is derived from W-2 wages and (untaxed) Social Security income.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

I am looking for help to perform a look ahead for 2019 tax exposure. Anyone have any ideas on how to do this?

All personal tax returns are on a 1040 now.

 

If you are using the Online version, do NOT change anything on your return.  You would have to start with a new account and do a test return.  You don't have to pay unless you want to print it out.  

 

Or Here's the link for the current TaxCaster tool:

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

 

How to start another return in the Online version

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-onli...

 

There is one thing you can do in your  current return.  You can go though the Estimated Tax section which will prepare estimated payments for next year.  That may help you calculate what you might owe.  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 (H&B version)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

 

To get back into your return, try this, you can sign back onto your account, and click on Add a State.  This should get you back into your return.

 

The Desktop installed program could be used.  It can do unlimited returns and has a What-If worksheet.  You can also save and copy a return with another name to test in.

Hal_Al
Level 15

I am looking for help to perform a look ahead for 2019 tax exposure. Anyone have any ideas on how to do this?

When using the taxcaster tool (https://turbotax.intuit.com/tax-tools/calculators/taxcaster/), enter your Net Operating Loss (NOL) as negative misc income.  For example, if you have a $10,000 NOL, enter minus (-)10000 at the misc income box.

 

For tax purposes, you do not enter the loss amount shown on your 2018 Schedule C.  A net operating loss is usually the negative number shown on line 7 of your 2018 form 1040.

 

Also note that your social security is not automatically untaxed.  Social security  becomes taxable when added to sufficient other income. If you are otherwise required to file a tax return, you do need to enter your SS in taxcaster. Taxcaster will determine the taxable portion.

 

 

Anonymous
Not applicable

I am looking for help to perform a look ahead for 2019 tax exposure. Anyone have any ideas on how to do this?

your loss carryover can be used to offset your wage income. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies