Can I setup a couple of dummy returns so I can estimate how various income sources and amounts will affect my total Federal Income Tax?

[DoninGA]

The TurboTax online editions for tax year 2022 have closed.  The TurboTax online editions for tax year 2023 should be available in early December.

You can use the TurboTax calculator TaxCaster to run different scenarios - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[Smokeball]

Thank you, I was not aware of the app.  😊

[VolvoGirl]

If you use the Desktop program you can do many test returns and there is a What-If worksheet.  You can download your online .tax2022 file and open it in the Desktop program to test in or copy.   

You can buy the download desktop versions for the last 3 years from Turbo Tax here....

http://turbotax.intuit.com/personal-taxes/past-years-products.jsp

Or you can check for  Turbo Tax for all years on Ebay or Amazon, etc.

[Smokeball]

Thank you for your reply, VolvoGirl. 🙂

I ran TaxCaster as suggested by DoninGA and it didn't quite do the job for me.  I may have to stick to my Excel Spreadsheets.

I have taken an almost 100% position in long term corp bonds.  I would like to determine if the excess income I will be receiving from my bond portfolio in the years ahead might work out best if I invested said excess in Tax Free Munis considering the AMT (Alternative Minimum Tax)  ramaforcations.  There are probably many exceptions and rules that I really don't want to research.

Ha, Ha, At this time I'm expecting someone to tell me I should ask my accountant.  If you check my profile you'll see why I am laughing at myself. 😅

[NCperson]

@Smokeball use this app as it is set for 2023.

https://www.dinkytown.net/java/1040-tax-calculator.html

Taxcaster is using 2022 tables and it will overstate your tax due / understate the refund. 

[Smokeball]

TY 👍

[Mike9241]

@Smokeball even if you could set up dummy return s online you would probably have to pay to see them.

desktop allow you to create as many what-ifs as you like and you only pay once for the app.

warning Turbotax's initial release of desktop/online is beta. it will contain some changes in effect for 2023 but not all. As you know tax laws change from year to year and the apps are not set up to do tax projections for future years. In effect you would have to do a lot of guesswork and make your own assumptions as to how years past 2023 would work out 

[VolvoGirl]

@Smokeball    You can buy the Desktop CD/Download program now for 2023 at  https://turbotax.intuit.com/personal-taxes/cd-download/  or at stores.   You can buy any version, but don't buy Basic, it doesn't have a state program.   But all the Desktop program programs have the same forms.  You just get more help in the higher versions.  

Have you used Turbo Tax before?  Online web version or the Desktop installed program?  In the Desktop program  you can do more than 1 return. You can see and enter into the actual forms. It has a What-If worksheet.   You get 5 federal efile for free. In Deluxe and above you get 1 state PROGRAM download to prepare unlimited state returns (in that state). Each state return including the first one is $20 early or $25 to efile or you can print and mail the state for free. 

[Smokeball]

Thanks to all of you.  Each reply contributed to my better understanding going forward.

 I have used TT for many years and have run several iterations in the past.  When I get the 2023 Deluxe I will play around with it as suggested.

Cheers to All

[hpkid]

Will Taxcaster also estimate state taxes? I would like to compare a couple of states for retirement living vs. tax liability.

[DoninGA]

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@hpkid wrote:

Will Taxcaster also estimate state taxes? I would like to compare a couple of states for retirement living vs. tax liability.

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Taxcaster can only be used to estimate federal taxes.