-What If- Option

[leenaud]

Turbo Tax used to have a "What If" option which allowed you to run different tax scenarios while getting your tax return together. I found it very useful. Was I the only one?

[SteamTrain]

A bunch of us use it.

But it is only available in the Desktop software......and opened by searching for it in Forms Mode.

If you have the 2023 desktop software installed...it is best to use it there  (who knows if the 2024 software has it working properly yet).   In the 2023 software, you can transfer all your 2023 data into a new column...mark a box to use 2024 rules, then change individual entries to match any changes you expect for 2024.

It won't be exact, but probably good within a couple hundred $$.

[rjs]

Here's how to get to the What-If Worksheet in the downloaded desktop TurboTax software installed on your computer.

• Click the Forms icon at the top right.
• Click the Open Form icon at the top left.
• In the search box type "what" (without the quotes).
• The What-If Worksheet will appear in the window. Click on it, then click the Open Form button at the bottom of the window.
• Click Help Center for instructions for using the form.

In the 2023 software there is a box you can check to use 2024 tax rates.

The What-If Worksheet is not available in TurboTax Online.

[leenaud]

Thanks for your reply. I have TurboTax Home and Business 2023. I do not see the option to "Transfer Data into a new column, nor the check box to use 2024 rules. Forms is an menu option. Has no search button

[leenaud]

Thanks for replying. Unfortunately I was not able to follow the steps you suggested. I have a FORMS menu item.There is no Search option. I have TurboTax Home and Business 2023 on my desktop.

[VolvoGirl]

Is your program updated?   I had trouble early getting the What-If worksheet to work right.  Don’t remember what I did.  Kept checking boxes I guess and opening and closing the program.    It finally started working right.  I have Home & Business too.  

[VolvoGirl · Accepted solution]

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.

Here's a couple screen shots for Windows 

OR using SEARCH

[rjs]

---

@leenaud wrote:

I have a FORMS menu item.There is no Search option.

---

It sounds like you skipped a step. After you click the Forms icon, or Forms on the menu, you have to click the Open Form icon at the top of the forms list on the left side. Then you will get the Open Form window that you see in the screen shots that VolvoGirl posted. At the top of that window there is a search box (not a "Search option" or "search button"). Type "what" where it says "Type a form name."

[rmashruwala]

TT what-if worksheet gives incorrect numbers for charitable deductions. IRS limits charitable deductions to 20, 30, 50, or 60% based on the type of property donated. TT disregards the limitations entirely or partially. The results are grossly incorrect and could lead to massive underpayment.

[SteamTrain]

@rmashruwala 

True...it isn't meant to be that detailed about the 20, 30, 50/60% charitable deductions. If you rt-click on that line and check the instructions for that entry...it says:

"....The program does not calculate any limits to the amounts in columns (2), (3) and (4), so be sure that you apply the limits before you make an entry, or change an entry, in these columns."

________________

So, once you get your AGI entered and calculated, way up towards the top....Yep...you need to do the limitations calcs yourself based on what/who you've contributed to for the year...or guestimate an approximate amount.

[rmashruwala]

Then why do they write "Gift to charity (50%/60%)" in line 10 under Itemized Deductions Summary in the worksheet? 

Any reasonable person would think TT applies the proper limits after reading that line. 

[rjs]

---

@rmashruwala wrote:

Then why do they write "Gift to charity (50%/60%)" in line 10 under Itemized Deductions Summary in the worksheet? 

Any reasonable person would think TT applies the proper limits after reading that line. 

---

@rmashruwala 

I would not make that assumption. Reading "50%/60%" on that line, I would assume it means that the line is intended only for 50%/60% contributions, and it will not apply any other percentage limits. It does apply the 60% limit. If they intended to handle other percentage limits, the form would give you a way to enter separate amounts and indicate what percentage applies to each amount. The fact that there is no way to enter contributions that are subject to lower percentage limits clearly indicates that those limits are not going to be calculated.

[bg312]

I am using Turbo Tax 2024 on my PC, but because I "downloaded" the premier version from the website it is considered "on-line"?  I have always used the What-if page for tax forecasting. I cannot find it using the Forms/Open Forms process.  This may end my 20+ years of using Turbo Tax.  I guess I will have to go back to my spreadsheet model.  Any chance this form will be included in a future update?

[VolvoGirl]

 O it is not the “Online” version.   The download is still the same Desktop program as the CD.   It’s just the method you use to install it.  The What-If worksheet is still there.  I have the Windows Desktop program, I can make a screenshot for you.

To use the 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.