What tax program will allow me to estimate my 2018 taxes right now using the new tax laws for my 2018 quarterly estimates?

[donlafferty]

TT what if form handles 2018.  go to forms, select 1040-es from the list and then search for what-if.  it lets you change items you want for tax impacts and also has a apply 2018

[robertmccarthylo]

thanks - very helpful

[sandy4042]

The Estimated Taxes and Form W-4 Worksheet appears to be updated for 2018.  I accessed it in Forms mode and entered my estimated figures in the "2018 Expected" column.  The main thing I was looking for was would it use the new Standard Deduction (MFJ and one spouse over 65).  It did, it subtracted $25,300 from the adjusted gross to get the taxable income.

[mitchiwanaga]

Are you saying that 2017 Turbotax will calculate 2018 estimated taxes using 2018 rates?  If so, if my income situation will change significantly in 2018, e.g., retirement in 2017, how do I calculate estimated taxes for 2018?  Should I create a new test tax return on 2017 Turbotax using my projected 2018 income (social security, rental income, and 401K distributions) and then cause Turbotax to calculate estimated taxes for the (next) year?

[donlafferty]

The what-if worksheet lets you change the number for several different categories of income/expenses for each senario.

[photobug56]

I have TT 2017 Premier up to date, June 2018.  W4 calc leaves me with more questions than answers, like will the suggested w4 entrees leave me at 'just even' or with a refund, etc.  I also need the what-if, and regardless of what's been said here can't find it.  I need to know now my tax situation, not when its too late to do anything about it especially because I live in a high tax state.

[sandy4042]

One safe bet to avoid an underpayment penalty would be to make withholding and/or estimated payments so that the total matches last year's tax liability:  take the total, divide by 4 and pay by the IRS deadline dates.

[photobug56]

I'm not looking for a safe bet.  I want to know what my taxes will be and how to adjust my withholding so I get the level of refund that I prefer.  I'm in a high tax state where property tax alone breaks the $10k ceiling.  Then there's state income tax.  Supposedly TT P has the ability to tell me this.  It does have the W4 calculator but that doesn't tell  you whether it is meant to just break even or what the result would be.

[sandy4042]

Sorry, I don't have experience with the W-4 calculator so don't know how the "allowances" affect the withholding.  I think what I'd probably do if I were in your situation is first get a handle on what my total federal and state tax liability would be (including the property tax break).  Then check with my payroll department what the withholding would be with my given marital status and allowances, then adjust the allowances to match my projected federal and state taxes.  I expect Turbo Tax estimator to have the 2018 updated tax calculations but I haven't found it to be as user friendly as when actually doing the taxes, it's more of a worksheet, you need to know what data to put in.

[photobug56]

Payroll offices won't tell you how to fill out a w4.  That's part of what we pay for in buying TT.  And TT had been well known for its what-if tool, which took data from your returns, allowed you to adjust it to match up for what you had going on in the new year, and gave you an estimate on your taxes.  And if you adjusted your withholding, it would recalculate.  You would adjust until you got the results (tax due or refund) that you desired, and you would know what to do with your withholding by adjusting your w4 (and the state version).  Supposedly TT still has this in the desktop version, but I can't find it.

[photobug56]

And in case you are wondering, I took my pay stubs and figured out what I will get paid through the end of the year, what tax would be withheld under my current w4, etc.

[Stinkerbellkity]

Simply open  your return in your 2017 desktop program and click on Forms in he upper right.  Then Click on Open Form which is just above the list of forms in your return on the left.  Then type the word what in the empty search bar right above 2017 US Form 1040.  What-if worksheet appears below.  Click on it to open it.

[photobug56]

Thanks so much.  While it's a big, crude, and confusing, if you take the time to open forms it points to, eventually you figure out what a given number is.  And this is exactly what I was looking for.  I still need to get on the payroll site and figure out what my current W4 has so I can calculate the changes I want.  Right now I would break even - about a $40 refund if my assumptions are correct, and obviously that's a bit close for comfort.  And I still have to review it all, and I would love to have a what if for the state taxes, but those are a lot less crazy - I hope.  

[DoninGA]

Find box in the TurboTax desktop editions.

See screenshot

For estimated taxes -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Other Tax Situations
• Scroll down to Other Tax Forms
• On Form W-4 and estimated taxes, click on the start or update buttion

[DoninGA]

@rebatte - I added the steps to access the section to calculate your 2018 estimated taxes and generate the payment vouchers to the answer provided.