Can the saved 2023 return be used to estimate any additional tax in 2024 based on projected increases in earnings?

Forum|Forum|2 years ago
January 19, 2024
2 replies
0 views

No text available

TurboTax Online

Best answer by VolvoGirl

Yes. Turbo Tax will automatically calculate the 1040ES estimated payments. I don't know if that section is ready yet.
https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/00/26437

To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.

In TurboTax Online, sign in to your account.
Select Tax Home in the left menu.
Scroll down to Your tax returns & documents.
Select 2023, and then select Add a State (you're not actually adding a state, this just gets you back into your return so you can make changes).

Go here,
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.

BillM223

If you are using the Online product, this can be hazardous, because you can have only one set of tax data for an account. If you make changes to the numbers in your "real" tax return, unless you are extremely careful, TurboTax will end up remembering your made-up numbers next year.

In this case, it would be safer to create a second Online TurboTax account and reproduce the numbers there - that way, it won't matter if you lose track of what you are doing, because your original tax data will still be there.

If you use the desktop software, on the other hand, you can have up to 5 tax returns at a time (saved under different names on your PC). This is the easy and safer way to do tax planning (of course, this means that you would have to buy the desktop software).

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

MacanAuthor

Just getting back to doing an estimate for 2024...

I understand the issue with using the online version with regard to messing up the 2023 return.

Can I copy the TurboTax file under a different name, "x.2023real" and then use the existing 2023 to run my estimate?

Once my estimate trial is done, I thought I might be able to exit out without saving (but maybe downloading as pdf for reference), delete this altered 2023, and then restore the name of "x.2023real".

Will this work without messing up doing 2024 for real?

Thanks.

FRANK

VolvoGirl

Employee

No you can't do that in the Online version. Only in the Desktop program. You can use your current return to prepare the estimates. I won't mess up your real 2023 return. Just be careful not to change your 2023 info. Only work in the estimate section.

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

VolvoGirlAnswer

Employee

To prepare estimates for next year you need to be in your current return. But be careful not to change anything in your actual return.

Go here,
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.