@Lisa995 Thank you, that sounds nice, but there are many concerns about the changes already made.
There are already tax bracket and rate changes and there are rule changes on deductions and limits. November (maybe) is quite late to do any tax planning and act on it.
This article shows that there are LOTS of changes on the allowed amounts for deductions.
Intuit needs to get their act together before November. We have a lot of work to do.
Sorry--the 2019 tax software does not become available until late in November, and will still need updates early in the season. Do you realize that it is not just TurboTax that has to "get its act together" but that all of the 2019 tax preparation software on the market (not just TT software) has to undergo approval by the IRS before it is released?
Try the Taxcaster tool:
There are many tax software packages available to do this, but they are extremely expensive and used primarily by financial planners and tax preparers. Lacerte, BNA, and Intuit ProConnect come to mind. These professional packages try to stay up to date. For TurboTax, which is geared towards individual users, they try to incorporate all major tax changes so it comes late. Congress often makes tax changes late in the year!
I often use the method of copying the prior year files (i.e. 2019play) and tweak the numbers to get a projection for my personal taxes. The only year this was WAY off was 2018 because of the misnomed tax cuts and jobs act. If you absolutely need accuracy, go to a professional. They have the tools (for which they pay a lot) and the expertise to help you.
For tax planning you always use the prior year program ... and when it comes to estimated payments you can always use the Safe Harbor method so you don't really need the new program or tax laws since you use the known amount from the prior tax year.
For tax planning you always use the prior year program ... to estimate 2019 you use the 2018 program ... and when it comes to estimated payments you can always use the Safe Harbor method so you don't really need the new program or tax laws since you use the known amount from the prior tax year.
This is my mini version of the downloaded 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 :
IMHO, the Taxcaster tool is a really bad joke. Missing so much I got pretty wild numbers out of it. As I recall, didn't handle even basic Medicare, for instance. The real question - if you have 2018 and you use the whatif tool, is Intuit keeping it up to date with the latest changes in tax brackets and the like?