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A helpful TurboTax Feature
12-20-2013, 08:17 PM
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#1
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Recycles dryer sheets
Join Date: Aug 2005
Posts: 380
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A helpful TurboTax Feature
For those of you like me who must make quarterly estimates and then as events dictate make mid-year corrections, there is a helpful feature buried inside TurboTax Deluxe. Some of you may already be using it, but I know that there are long time TT users that have never seen it.
Deep in the list of forms, there is a form called "What-If". When you open this form, you are presented with a four-column sheet. The first column is populated with the information you submitted on your return. The other three are for scenarios that you can play with. In the form, both regular and AMT taxes are calculated. I often use the first scenario for a no-change situation, and then use the others during the year as I consider selling something (ltcg), doing a Partial Roth conversion etc.
You need to have some knowledge of taxes as TT doesn't really hold your hand as they do in the main part of the program.
I have also used this along with a spread sheet to do longer term planning. I let the spreadsheet project future balances, and let What-If calculate the tax.
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Retired -- 2001
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12-20-2013, 08:50 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
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I have used What-If for years. Nice feature - I just which it also included state income taxes.
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If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-21-2013, 03:49 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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I've used TT for years, but I'd never noticed the what-if form, it never came up during my "interviews." But after SteveL pointed it out, I've already used it to my advantage. A great feature for tax planning! It may be a good tool for longer range tax planning as well, one of my current side projects.
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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12-21-2013, 04:24 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,149
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 Quote:
Originally Posted by SteveL
For those of you like me who must make quarterly estimates and then as events dictate make mid-year corrections, there is a helpful feature buried inside TurboTax Deluxe. Some of you may already be using it, but I know that there are long time TT users that have never seen it.
Deep in the list of forms, there is a form called "What-If". When you open this form, you are presented with a four-column sheet. The first column is populated with the information you submitted on your return. The other three are for scenarios that you can play with. In the form, both regular and AMT taxes are calculated. I often use the first scenario for a no-change situation, and then use the others during the year as I consider selling something (ltcg), doing a Partial Roth conversion etc.
You need to have some knowledge of taxes as TT doesn't really hold your hand as they do in the main part of the program.
I have also used this along with a spread sheet to do longer term planning. I let the spreadsheet project future balances, and let What-If calculate the tax.
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Wow - all these years I've been running my own spreadsheets, including AMT.
Thanks for the TIP. I will look for it next year.
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Retired since summer 1999.
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12-21-2013, 05:24 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
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That is a good tip. Thanks.
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Retired 3/31/2007@52
Investing style: Full time wuss.
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12-21-2013, 06:05 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Mar 2011
Posts: 8,421
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As Johnny Carson used to say: "I didn't know that...".
Thanks!
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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12-21-2013, 08:16 AM
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#7
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Recycles dryer sheets
Join Date: Jun 2007
Posts: 62
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Where is the form located? I looked through my 2012 TT Deluxe and could not find it. Thanks.
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12-21-2013, 08:48 AM
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#8
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Recycles dryer sheets
Join Date: Apr 2013
Posts: 252
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Is it on TT online or only disk versions? I like the idea to model my Roth conversions as my salary drops.
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12-21-2013, 08:55 AM
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#9
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Full time employment: Posting here.
Join Date: May 2008
Posts: 599
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It is only available on the desktop/download versions. This year the Deluxe online will not even create a schedule D
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12-21-2013, 10:50 AM
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#10
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Moderator
Join Date: Jul 2010
Posts: 7,945
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Thanks for the tip! I had to check the TT forums to figure out how to find it - here are the instructions:
Go into Forms View. In the left column, click the OPEN FORM icon at the top of the column.
In the input line, enter "what-if" without quotes. It must contain the hyphen. Or you can just enter "what" without quotes.
Then double-click the "What-if worksheet" selection that appears, and that should bring up the worksheet..
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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12-21-2013, 11:36 AM
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#11
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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Quote:
Originally Posted by MBAustin
here are the instructions:...
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Well, THAT was "Intuit"-ive!
Thanks for digging.
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