Year End Tax Planning

[charleychen]

Hi,

I am not sure if this is the right forum.  Moderator if it is not, please let me know which one is appropriate.

I would like to run a pro-forma of my taxes prior to year end so I can make some decisions on investments and retirements.  For examples, I would like to know how much income I should recognize this year on my investments.  Also, this year, my income is lower, so I want to take the opportunity to rollover my 401k to Roth IRA.  I would like to run some scenarios on how much should I roll over.

I purchased the 2024 turbotax, but the sections that I would like to run scenarios on are not available until Dec 22, 2024.  That does not leave enough time to execute on the investment decisions and to rollover 401K.  

Any suggestions would be greatly appreciated. 

Thank you.

[Bsch4477]

Using forms mode you can enter data but be sure you delete it before you do your actual return. 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

This is for 2023 but can give you an estimate. 

[charleychen]

Thank you for the quick response.  I was looking into using TurboTax 2023 as an option too.  This seems a bit simpler.  Quick question, for 401k rollover to Roth IRA, I would just input that amount into the IRA/Pension Distribution line in Other Income?

Thanks

[Bsch4477]

That should work. 

[RonC5]

Thank you for the great idea !