Why is the update to this income section not going to be ready until Jan 11, 2025.
One of the reasons I use Turbo Tax is so I can do my planning for end of this year and next year.
Is the delay because of the IRS and what sort of legal changes could they be making this late in the year.
Please provide more detail if you can
Disappointed ...
LC
You can use forms mode of the download version for tax-planning purposes, but many of the cost-of-living-adjusted dollar values have not yet been updated to 2024 values so you might have to use overrides to get an accurate result. Keep your tax-planning file separate from the file for your actual filed tax return.
Since the early released (Nov & Dec) new year's tax software is always so buggy/beta/preliminary (EVERY YEAR without fail), I usually find that the next year's tax planning is easier accomplished by just using the prior year's desktop software instead...and entering data As-If it was all received in 2023. Should be close enough for 2024 since changes were relatively minor. The only things that are not right are usually shifts in tax brackets, and some limits...like Max IRA contribution amounts, or perhaps W-2, SS contribution limits if you are in a high income situation.
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It's a mystery to me why the initial release of TurboTax doesn't include the updated cost-of-living-adjusted values since these are announced slightly more than one year prior to the initial release of TurboTax for the particular year. At least today's update corrected the IRA contribution limit for 2024, so I can cancel those overrides.