"What if" scenarios and year round access to Turbo Tax with projections

[DG39]

Will Turbo Tax ever produce a version [on-line, preferably] that allows us to maintain our tax information for the current tax year, during the current tax year, so that we can estimate the tax implication for the following April. [For example, I would love to be able to input all my tax information early on in the calendar year (starting in Jan 2021 for my taxes due, April 2022), so that I can determine if stock sales, or independent work, are going to push my over the income thresholds of things like Roth IRA eligibility, or push me into a higher tax bracket, etc.]  I realize that limits and laws may change before taxes are finally due, however, I think we can all agree that 90% of the code doesn't change drastically from year to year.  And TT would simply put in a disclaimer that this is "just an estimate, based upon blah blah blah".  I would also like to be able to save different scenarios of my taxes to show, "what if" I, sell this stock, take a withdrawal from a 401k, buy a new capital expenditure for my business, etc.  And, it would be extremely helpful if TT woud show the difference, side by side of 2 or more files, like they do when they compare "last year's" vs. "this year's" and actually show the gain or loss.

Thanks

[Sunny_Tax_Expert]

Hi @DG39!

Thanks for the suggestion!  While these options may not fit the bill exactly, they work for a lot of customers!

Option1:

For DESKTOP version ONLY
Select 'Forms Mode' - (upper right corner of Step-by-Step screen)
Select 'Open Form'  - (upper LEFT corner (just above "Forms in My Return" click on icon)
Enter "What-if" (without quotes) in the Search field (at top under 'Search or Browse ,,,' heading)
'Double Click' on the "What-if" entry listed in the list of forms below (under 'US Form 1040 ...')

For safety, to protect your return, whenever you are doing things like a 'what-if' compare, it is a good practice to make a COPY of your return and do the 'what-if' exercise on the COPY.

Option2:

You might want to try to create NEW dummy accounts for your various scenarios and then simply abandon them when you are finished.

Create New On-Line account:
Go to turbotax.com and look for the 'New to TurboTax?" 'Start for Free' BLUE button near the top center of the screen.

[Mike9241]

with the desktop version, you can create as many versions as you want and save each (by using a different name for the file)