How can I use Turbotax for 2024 tax planning?

[azhome2013]

Can TurboTax be utilized to perform pro forma income and tax strategies for 2024?

[VolvoGirl]

To plan for next year you can go though the Estimate section or in the Desktop program there is also a What-If worksheet. And in Desktop, you can save your return with another name to test in. Go up to FILE – SAVE AS.

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.

If you have the Desktop program you can do a 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.

[tnone2024]

I am so glad I found your post, since the 'What if' worksheet is easier than my old method. I was already used to making a copy of the prior year return, and then editing (and re-editing) that one using the prior year TT. I still copy the old return for safety, but now I can use the 'What if' worksheet to make my edits for 3 scenarios. In short, I click the box 'copy column 1 to column x' and 'use this years tax rules'. As long as you allow TT 2023 to get its updates, the 2024 tax tables will be used when they become available. Nice. I had wondered why TT 2023 wanted to update when it is almost 2025, but this is one good reason.

TT 2024 has an issue that it won't let you enter your IRA distribution until Jan, preventing you from doing last minute tax planning. If you don't have TT 2023 to plan with, then the 'What if' worksheet in TT 2024 seems to be a way around that.

[VolvoGirl]

If you can’t enter a section early  like 1099R you can add it in manually using the Forms mode.   Just be sure to delete it and re enter it under the interview step by step method to do it for your real return to file.