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Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

I want to use this to decide how much I can withdraw from my IRA and still stay under certain income limits.
6 Replies

Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

The TurboTax calculator TaxCaster may be helpful - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

DoninGA:

 

Thank you very much for alerting me to this tool. That is exactly what I was looking for. All the best!

Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

@timobrady the Turbo Tax calculator is for 2022 and will overstate your tax.  

 

use this one instead which is for 2023 

 

https://www.dinkytown.net/java/1040-tax-calculator.html

 

 

Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

@NCperson thank you for this tip. Yes, the fact that it is 2022 is a drawback. It is a shame that no tool exists where one can go in and plug in their known data in order to determine things like IRA withdrawl effects. The Dinkytown tool seems to not have any provision for entering social security income, and the amount of that that is counted as income is complex. TurboTax should be providing its customers with an adequate tool at least six months before the end of the year. Why would they not?

Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

If you use the Desktop CD/Download program it has a What-If worksheet that has 2023 tax rates and does the calculations like for taxable Social Security.  

There is one thing you can do in your  current online 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.  You can do something similar for state by preparing state estimates.  You have to go though the state tax tab and towards the very end of the state interview it will ask if you want to prepare estimates.

 

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. But be very careful not to change anything in your real filed return.  

Does Turbo Tax have a feature whereby I can fill out a sample return to see what my 2023 taxes will look like?

@timobrady - the dinky town software does have a place to enter the SS income - I think you just missed it 

 

the third line down says "other income" - push the down arrow over to the right.

 

that will list a large number of income types.....the 2nd to the last one - just before the "total income" sub-total is SS benefits......😉

 

 

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