Can I copy my online tax return to create another tax return with which I can do some what-if planning to estimate what withholding I'll need in 2024?

Forum|Forum|2 years ago
March 10, 2024
1 reply
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I know I will have additional income in 2024 (Social Security benefits and more interest income.) I owed additional taxes on my 2023 tax return, plus a penalty for under-payment. I want to avoid that in 2024, by using my 2023 return as a starting point and add income to see what my taxes would be, which will help me to adjust my withholding in 2024. Is that what Taxcaster does?

TurboTax Deluxe Online

Best answer by JohnB5677

I've already filed my 2023 taxes through TurboTax Online, so I do not see the "2023 TAXES" section, that is shown in Exhibit 1, on my screen. Is there another way to get to this tool, to estimate what my tax liability will be for my 2024 tax return? JulieS wrote that Taxcaster is a refund estimator for the current tax year. But couldn't I use it by plugging in my estimates for 2024 income, etc., and then try various estimated withholding amounts until Taxcaster shows that my refund for my 2024 tax return will be zero or close to it. Kind of a reverse way of using Taxcaster? I know the tax law, tax codes, and standard deductions may change in 2024, but at least I could generate a rough estimate of what my withholding should be for 2024 payments, yes?

If you are willing to plug in your own numbers, you can open a new TurboTax Online account with a new ID.

The software is free until you go to file, but you don't plan to file again anyway.

This will give you the most detailed return available.

You can even view the tax return.

On the menu bar on the left that shows.
Select Tax Tools
On the drop-down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040.
Schedules 1,2 & 3 are included if you scroll down past your 1040.
To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 d - Withholdings.

Line 26 - Estimated tax payments

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

Your right "the tax law, tax codes, and standard deductions may change in 2024".

But that's an unknown you can deal with later

JulieS

No, Taxcaster is a refund estimator that is for the current tax year.

TurboTax has tools for estimating your 2024 tax liability in the program. You can find them here:

Sign in to your TurboTax account.
Select Other Tax Forms and find Form W-4 and Estimated Taxes, select Start or Revisit to the right.
Answer No to the question Do you want to change your W-4 withholdings for 2024?
Select Review Now on the next screen.
Answer the questions about your 2024 filing status, expected income, and deductions.
You can use this section to estimate your total tax, create a new W-4 form, or print estimated vouchers for 2024.

Of course, you can create another account for planning purposes only, but doing so creates some risks, including the fact that it looks like a potentially fraudulent account and you may accidentally use it to file your return next year.

Also, there's no way to automatically create a copy of your return in TurboTax Online.

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mlevy9Author

JulieS, thanks for the details. However, I have already filed my 2023 taxes using TurboTax Online, and I am not seeing what you have shown in step 2 of your reply to me. How can I find this tool for estimating my 2024 tax liability?