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Yes. Turbo Tax will automatically calculate the 1040ES estimated payments. I don't know if that section is ready yet.
https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...
To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.
In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2023, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).
Go here,
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.
If you are using the Online product, this can be hazardous, because you can have only one set of tax data for an account. If you make changes to the numbers in your "real" tax return, unless you are extremely careful, TurboTax will end up remembering your made-up numbers next year.
In this case, it would be safer to create a second Online TurboTax account and reproduce the numbers there - that way, it won't matter if you lose track of what you are doing, because your original tax data will still be there.
If you use the desktop software, on the other hand, you can have up to 5 tax returns at a time (saved under different names on your PC). This is the easy and safer way to do tax planning (of course, this means that you would have to buy the desktop software).
Yes. Turbo Tax will automatically calculate the 1040ES estimated payments. I don't know if that section is ready yet.
https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...
To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.
In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2023, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).
Go here,
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.
Thank you to both Bill and Volvo for the how-to instructions. Will give it a try in a couple of months.
Be well.
Just getting back to doing an estimate for 2024...
I understand the issue with using the online version with regard to messing up the 2023 return.
Can I copy the TurboTax file under a different name, "x.2023real" and then use the existing 2023 to run my estimate?
Once my estimate trial is done, I thought I might be able to exit out without saving (but maybe downloading as pdf for reference), delete this altered 2023, and then restore the name of "x.2023real".
Will this work without messing up doing 2024 for real?
Thanks.
FRANK
No you can't do that in the Online version. Only in the Desktop program. You can use your current return to prepare the estimates. I won't mess up your real 2023 return. Just be careful not to change your 2023 info. Only work in the estimate section.
Federal Taxes or Personal (Deskop H&B)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
Thanks for added guidance, VolvoGirl.
I downloaded the TT2023 app and it resides on my PC with a quicklink on my desktop...so I assume I actually have the desktop, NOT the online version.
I have TurboTax folder with returns, saved as both TT and pdf files, for several years so I guess my renaming procedure should work?!
Yes?
Yes, if you clearly rename your .tax2023 file to indicate that it's not the one you used to file the 2023 tax return, you are good to work with it.
Nice! Thanks for all your assistance, Kristina.
Just getting around to doing this. To review...
I am using the downloaded TurboTax which is installed on my PC.
I have saved copies of my 2023 federal & state returns in a non-TT folder with new names.
When I open TT and login, I shows me an icon for the 2023 tax file but when I open it the system tells me my return submission has been accepted.
How do I get/create a return where I can plug in anticipated numbers for 2024 to get an idea of tax impact?
I am envisioning a file with data entries for 2023 which I can replace with estimates for this year?!
Thanks for your continuing guidance.
@Macan Using the TurboTax desktop CD/Download editions, click on Forms.
When in Forms mode click Open Form in the upper left of the screen. Type in What-if. Click on the result to open the What If worksheet. You can use the 2024 tax rates with the worksheet.
Open the copy of your real tax return. Did you name it like 2024 TEST or something? I do it all the time to figure my estimated payments. Then to plan for next year you can go though the Estimate section and use the What-If worksheet. You can do a lot with the What-If worksheet.
Go to Forms Mode, click Forms in the upper right or on the left for Mac. Then click Open Forms box in the top of the column on the left. Open the US listing of forms and towards the bottom find the What-if worksheet. It's right under Estimated Taxes.
Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.
OK, I found the WhatIf wks...
Entered values in Column 2 (Plan 1) but when I get to end of Capital Gains/Losses the entries are BLUE but box for Total Income is blank.
When/How does the Smart Worksheet generate values?
It looks like I will need to go switch between WhatIf and 2023 worksheets to see what amounts were entered last year.
Is there a manual for using the WhatIf scenario? It is not intuit(ive)!
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