I will be tuning in today to find out how the BBB may affect me, but I have a more general question as well.
Is there a tool available (that doesn't involve as many steps as turbo tax) that I can use to estimate this year's taxes? My husband is self-employed and his net income is much much lower than last year. I have had no income for years but have inherited a small IRA and annuity from a deceased parent. I will have to take minimum distributions.
If I have to, I guess I can run it through the 2024 tax software again to get an idea, but I thought there might be another option.
i doubt any tax calculator has fully integrated the changes in the tax laws for 2025. a lot of reprogramming and testing is going to be needed and i suspect a fully functional tax app for 2025 will not be ready until much later this year or early 2026.
when Turbotax first releases the app for 2025 in November or December it will be a beta version meaning it will need a lot of updates to correctly produce a 2025 return.
most likely, but no guarantees, using 2024 will likely get you close and probabaly will be a bit high.