Tax Planning for 2023

[CMGJ]

How can I use TurboTax to do tax planning for 2023? I want to do "what if's" such as Roth conversions, realizing capital gains, avoiding IRMAA (increased Medicare Premiums), etc.; all while only using the standard deduction. Thank you. 

[johnd84]

Hi @CMGJ 

Thanks for your question! I do this very thing often. TurboTax 2023 will not be available until later this year. Rules, regulations, laws could change many times between now and then. However I often recommend going into TurboTax 2022 and creating a "what if" return. You may want to create a new account that you do not use for your actual returns you will file. You can input as many different pieces of information and get a solid idea of how your taxes will look for 2023. Our TurboTax Tax Calculator can do some of this, but it sounds like you'll want something more robust which creating a dummy return will do for you. 

Hope this helps! 

[DawnCo]

Hi, Happy to help!! It's a smart to be proactive in tax planning. TurboTax has some great tools to help with that.

Here is a Capital Gains simulator https://blog.turbotax.intuit.com/income-and-investments/capital-gains-tax-calculator-48615/

Also here is a tax calculator tool for helping with taxable Roth conversions etc. 

https://turbotax.intuit.com/tax-tools/

I hope these help in your tax planning journey. 

[TeriH]

One additional suggestion if you use the desktop software.  There is a "What-If Worksheet".  This allows for easy side by side planning of various alternatives.

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. 

[VolvoGirl]

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.  

Or try…Go into Forms View. Once there, at the top of the left column, click on the icon for "Open Form". A popup window will appear. In the text line, type the word "what" without quotes. You should see "what-if worksheet" appear as a selection choice. Double-click it to launch the form.

The Online version does not have the What-If worksheet.  You could start another return (don't test in your real return)  to test in but it will have 2022 calculations.  But one thing you can do is make your birthdate one year less to make you a year older.  You don't have to pay for Online unless you want to print it out to see all the forms.

How to start another return in the Online version

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-onli...