Using my 2021 Turbo Tax return how do I project my 2022 and 2023 taxes based on potential higher income?

[Bird349]

using my 2021 turbo tax return how can I use Turbo tax to help me figure my 2022 estimated taxes?

[Critter-3]

You CANNOT massage the .tax file in any way when using the TTax On-Line version. ANY changes (what-ifs) that you make will PERMANENTLY change your .tax file. 

You have 3 options: 

Create a new On-Line account for each 'what-if' that you want to try. In TurboTax Online, you'll have to create a test account separate from your regular TurboTax account and create a test return there. We recommend adding "test" or similar to your User ID so you can easily distinguish it from your actual account.  

OR

Use the estimated payment section in either program just do not change the filed return info ...

To access your current year online tax returns sign onto the TurboTax website with the userID you used to create the account - https://myturbotax.intuit.com/

Scroll down to the bottom of the screen and Click on Add a state

This will take you back to the 2021 online tax return.  If you have filed the 2021 tax return do Not make any changes to the return that was filed.  Only access the estimated tax section and then print the estimated tax forms if needed.

1. With your tax return open, enter 1040-es in the Search box located in the upper right of the program screen.  Click on Jump to 1040-es
2. Answer No to the question,  Do you want to change your W-4 withholdings for 2023?
3. On the next screen, Review Your Estimates, select Review Now.
4. Proceed through the interview, answering questions about your 2023 filing status, income, deductions, etc.
5. When you are done you can go to the the Print Center (under tools in the left side menu) to see the estimated payments needed which will let you know what to expect with the different income. 

OR

Buy the Desktop version and install it on your computer --you can download the .tax2021 file from your On-Line return and use it to open your Desktop version. (You CANNOT upload the .tax2021 from a Desktop return to work in the 2021 On-Line version.)

The Desktop version CAN do 'What-If' & test return scenarios. 

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

>>>In the TurboTax CD/Download software by creating a test copy: 

1.  Open your return in TurboTax. 
2.  From the File menu, choose Save As. 
3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 

 https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

>>  use the WHAT IF tool: 

- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 

- Click on the Open Form Icon 

- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 

- You will see the worksheet on the right side of the screen; enter the information right into the form 

- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

[rjs]

One other possibility, besides the ones that Critter-3 suggested, is to use TaxCaster. It's still set up for 2021, but it will be pretty close.

You won't find any current software that will actually do a projection for 2023. The 2023 tax rates haven't been determined yet, and there could be changes in the tax laws. Any projection that you do now for 2023 is just a rough estimate.

[Bill Schaid]

You say the 2023 Tax Rates have not yet been determined.  Do you know the date when they should be determined?  William Schaid

[DoninGA]

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@Bill Schaid wrote:

You say the 2023 Tax Rates have not yet been determined.  Do you know the date when they should be determined?  William Schaid

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The IRS has not yet published the 2023 tax rates.  They usually publish the next year's rates during the months of November or December for the following tax year.

Go to this Bloomberg website for the 2023 tax rates based on the current US tax code - https://news.bloombergtax.com/tax-insights-and-commentary/your-first-look-at-2023-tax-brackets-deduc...