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@ Constantins wrote:
How to use the TT to emulate my taxes for next year?
Based on my estimated income, I want to see what would be the taxes next year, using the last Turbo Tax.
You appear to be using the Online version, so your choices are more limited. Desktop users have an advantage and can experiment with multiple returns and also have a "What If" tool.
Whatever you do, do NOT experiment in your already-filed return. TurboTax saves it after every page, and your original return would be overwritten and not be recoverable.
Some users start another Online account (different User ID) to experiment in. It's "Start for Free", so there's no fee as long as you don't try to print. Having multiple accounts can cause some confusion when filing the next year, so you have to be careful to keep track of which one your actual return was in.
There's also a Taxcaster Tool at the TurboTax website:
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
I am using TT Home and Business last edition, Desktop, not online. Could you update the answer. I will look for what if tool too.
Thank you
@Constantins wrote:
I am using TT Home and Business last edition, Desktop, not online. Could you update the answer. I will look for what if tool too.
Thank you
Go to Forms mode and use the What-If Worksheet, check the box to select the 2020 tax rates.
Click on Forms (upper right using the Windows desktop software)
Click on Open Form at the top left in Forms mode
Type in what-if. Click on the result to open the worksheet.
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
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