I currently purchased TurboTax Deluxe, but I am not sure if it will allow me to do 2018 quarterly tax estimates. I plan on re-computing my quarterly tax liabilities during the 2018 year to minimize my taxes for April 2019.
The 2017 TurboTax program will have the estimated tax Form 1040-ES for 2018 available once the IRS approves the forms. The program will have the section updated for estimating 2018 taxes after the IRS has issued the worksheets which are included for the 1040-ES.
See this TurboTax support FAQ for IRS forms availability (dates subject to change) - https://ttlc.intuit.com/questions/1908854-irs-forms-availability-table-for-turbotax-individual-perso...
Note - The TurboTax 2017 software was updated for the 2018 Form 1040-ES.
See this TurboTax support FAQ - https://ttlc.intuit.com/questions/2584228-can-turbotax-calculate-next-year-s-federal-estimated-taxesI need a clear, explicit answer to this question: Does TurboTax 2017 Premier allow me to estimate my 2018 BASED ON THE NEW TAX LAW and NOT on the pre-2018 tax law? If so, EXACTLY how do I estimate my 2018 taxes? It looks like the current "What-if" form in the 2017 TurboTax is giving me an answer based on my taxes for 2017 and the 2017 tax law.
Why is it so hard to get an answer to this question?
@apzelic The What If worksheet is for the 2017 tax year, not 2018.
Try taxcaster:
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/">https://turbotax.intuit.com/tax-tools/calculators/taxcaster/</a>
on the 2017 what if form, there is a row to specify when to use the 2018 tax rates for each alternative. "check box to use 2018 tax rates" this is right below the description for each alternative.
I used the Fed tax What-IF page in TT2017 and specified to use 2018 tax rates. The sheet grabs numbers from your return but you can over-ride them with what you think your 2018 numbers will be. Works very nicely. Only problem is there is nothing for New York State. BUT - I never knew the taxcaster was there - that appears to do the same thing effectively - great for TT for doing it. I won't say what I think of the Infernal Revenue for not doing it.
The what if is rather crude and does not do a good job in my opinion. TaxCaster is much better. And what if is only in the desktop products.
The 2018 Form 1040-ES appears to be available from the IRS website. Will TurboTax 2017 be updated so I can project different tax scenarios under the new tax law? Any idea of when these changes will be made?
The IRS has posted the estimator online as of now, when will turbotax update the 2017 software?
@Martin53 @rebatte
The TurboTax 2017 software was updated months ago for the 2018 Form 1040-ES.
See this TurboTax support FAQ - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2584228-can-turbotax-calculate-next-year-s-federal-estimated-taxes">https://ttlc.intuit.com/questions/2584228-can-turbotax-calculate-next-year-s-federal-estimated-taxes</a>
This is not applicable to the software, only the on-line program
Sure it is applicable to both the desktop software and the online editions. Use the Find box and enter 1040-es and then Jump to 1040-es
Or -
For the desktop edition, Click on Federal Taxes>Other Tax Situations>Other Tax Forms>Form W-4 and estimated taxes
I appreciate the effort, but there isn't a find box on the home and bus. version
@rebatte - All the TurboTax desktop CD/Download editions have the Find box located in the upper right of the desktop program screen. I made a screenshot for the Find box from my 2017 Premier desktop edition, posted in the Answer box below.
@DoninGA - perhaps the poster is using the Mac version that does not have "Find" box, but has a "Search Topics" button in the middle of the top window bar. Enter "1040-es" in the "I'm looking for" box.
Thanks @macuser_22 - I was not aware that TT choose to make even that simple function different between the Win and Mac versions. Apparently the poster was satisfied with the answer provided below.
rebatte:
If you are using the Windows version and not seeing the search/find tool in the upper right corner, it's possible your Window is not fully maximized and the tool is collapsed. See the screen images I left another user in this other thread on what to do if the tool is collapsed:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4487028-how-do-i-perform-a-search-in-turbotax-for-windows-there-is-no-search-field-and-no-menu-option-for-searching">https://ttlc.intuit.com/questions/4487028-how-do-i-perform-a-search-in-turbotax-for-windows-there-is-no-search-field-and-no-menu-option-for-searching</a>
@DoninGA - FYI - I put a Mac screenshot in an answer box (below) so you can see what it looks like.
The 2017 TurboTax program will have the estimated tax Form 1040-ES for 2018 available once the IRS approves the forms. The program will have the section updated for estimating 2018 taxes after the IRS has issued the worksheets which are included for the 1040-ES.
See this TurboTax support FAQ for IRS forms availability (dates subject to change) - https://ttlc.intuit.com/questions/1908854-irs-forms-availability-table-for-turbotax-individual-perso...
Note - The TurboTax 2017 software was updated for the 2018 Form 1040-ES.
See this TurboTax support FAQ - https://ttlc.intuit.com/questions/2584228-can-turbotax-calculate-next-year-s-federal-estimated-taxesWhat was the date of this post? I don't see it listed anywhere.
If I buy TurboTax CD/Download Deluxe 2017 edition now (Feb 24, 2018), how will I get the Form 1040ES worksheet for calculating estimated tax payments when it becomes available?