I'm trying to use What-If to do tax planning for 2024.
I turn 65 so the std deduction changes.
This value seems locked in column 2-4.
Can this be fixed or am I driving it wrong.
Thanks,
BK
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Just above line 1, at the top of each column.....did you "X" the box to use 2024 tax rates.
When I do that, my Std Ded updates to the 2024 value (16550 for single, reached age 65 in March of 2024)
Just above line 1, at the top of each column.....did you "X" the box to use 2024 tax rates.
When I do that, my Std Ded updates to the 2024 value (16550 for single, reached age 65 in March of 2024)
a workaround might be to use the mortgage interest lines to enter what would be the proper standard deduction for 2024
but you are right the program does not acknowledge you turning 65 in 2024
What you can do and I do is copy your tax return, go up to File-Save As and give it a test name. Then change your birthdate to make you over 65 then do the What-if worksheet. I had trouble early using it, it wouldn't copy the columns etc. but I think an update cleared it up.
My Desktop Premier (on Windows) worked just fine....(though I haven't installed this week's update..if there is one)
On the file I had for a person reaching age 64 in March of 2023 (born 1959).
I copied column 1 to column 2....marked that column to use 2024 tax rates.
Line 3 (age) changed from 64 to 65
Std Ded...at Line 39 changed from 13850 to 16550
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...But, yeah, a bug...if I then Un-Xed the 2024 box, the Std Ded dropped to 15700 (which is Std Ded for a single 65 year old in 2023.) I had to delete col 2, then re-transfer col 1 to get it back to a 64yo in 2023.
Thanks for the help. You are all awesome!
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