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bargeratt
New Member

I used TurboTax the past 3 yrs. Can I use my 2024 return to estimate tax due in 2025 when having large capital gain in 2024

 
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4 Replies

I used TurboTax the past 3 yrs. Can I use my 2024 return to estimate tax due in 2025 when having large capital gain in 2024

Can you please clarify this:

 

Did you have a large capital gain in the 2023 tax year or during this tax year (2024)?

I used TurboTax the past 3 yrs. Can I use my 2024 return to estimate tax due in 2025 when having large capital gain in 2024

And the last return you just did was for 2023.  We don't do 2024 until this year is over and we file it in April 2025.  

 

In both the Online and Desktop program you can go though the Estimate section or in the Desktop program there is also a What-If worksheet.


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.


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.

 

 

dondeg52
New Member

I used TurboTax the past 3 yrs. Can I use my 2024 return to estimate tax due in 2025 when having large capital gain in 2024

What I do (retired CPA) I save my 2023 return with a different name (i.e. 2024est) and use that copy to make changes that estimate your 2024 numbers.  

I used TurboTax the past 3 yrs. Can I use my 2024 return to estimate tax due in 2025 when having large capital gain in 2024

@bargeratt 

 

 Your question appears to be posting from online TurboTax.    If you used online TurboTax software, do not change anything on that return or you will destroy it forever.  If you used the desktop software----the CD/download----then you can use that software to make "dummy" returns or make changes after saving it, etc.   

 

@dondeg52 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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