Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Which software for pro forma tax return prep?
Old 11-10-2014, 05:31 PM   #1
Thinks s/he gets paid by the post
Lisa99's Avatar
 
Join Date: Aug 2010
Location: The Villages
Posts: 1,327
Which software for pro forma tax return prep?

Which software do you use for your pro forma tax return?

We've had a number of changes in our income, investments and other financially related areas so I'd like to run a pro forma tax return.

I use TurboTax online but don't see a way to run a full pro forma with the online tool. I see that I can do it in the desktop version but do you pay to buy the new version desktop version of TurboTax each year or do you do your pro forma using some other method?
__________________

__________________
Learning how to be still, to really be still and let life happen - that stillness becomes a radiance -
Morgan Freeman
Lisa99 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-10-2014, 06:11 PM   #2
Dryer sheet wannabe
 
Join Date: Oct 2013
Posts: 15
Tax Slayer

Sent from my SAMSUNG-SGH-I747 using Early Retirement Forum mobile app
__________________

__________________
rprun54 is offline   Reply With Quote
Old 11-10-2014, 06:23 PM   #3
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 1,709
Tax Act.
__________________
gauss is offline   Reply With Quote
Old 11-10-2014, 07:10 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,619
I buy TurboTax around Thanksgiving and use it for both pro forma and my actual tax return. I download the software on to my laptop. Sometimes my kids use it, too. I have never used any online tax software for my real stuff. This "cloud" thing actually scares me.
__________________
LOL! is offline   Reply With Quote
Old 11-10-2014, 07:18 PM   #5
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,539
We've been using desktop software for decades, usually Turbotax but have used others as well. Our returns aren't that complicated. While it would be a stretch to say I'm afraid to use the cloud, I am reluctant to put that much "out there" and given a viable alternative I'll wait until the time comes that I have to.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 11-10-2014, 08:25 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,428
Quote:
Originally Posted by Lisa99 View Post
Which software do you use for your pro forma tax return?...
I prepare my tax return with TT download and use that for pro forma even though it still uses 2013 tax tables, exemptions, etc.

Then I port my 2014 estimates from TT 2013 to TT 2014 once 2014 comes out (which should be soon).
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 11-10-2014, 08:45 PM   #7
Recycles dryer sheets
 
Join Date: Jun 2010
Location: Southwest Florida
Posts: 326
I just create a pro forma file using the prior year's Turbotax. It's not going to be accurate to the penny because of changes in tax brackets and exemptions, but close enough for making projections.
Bruce
__________________
Gill is offline   Reply With Quote
Old 11-10-2014, 10:31 PM   #8
Recycles dryer sheets
Cat-tirement's Avatar
 
Join Date: Mar 2013
Posts: 188
Quote:
Originally Posted by pb4uski View Post
I prepare my tax return with TT download and use that for pro forma even though it still uses 2013 tax tables, exemptions, etc.



Then I port my 2014 estimates from TT 2013 to TT 2014 once 2014 comes out (which should be soon).

This has been my approach as well. Soon after filing 2013 taxes in April, i began running some test scenarios for the next couple of years. Even though I know things will change, it helped give me a better general feel of what to expect in years ahead, which was helpful in committing to my recent ER.


How can you tell when a cat is retired?
__________________
How can you tell when a cat is retired?
Cat-tirement is offline   Reply With Quote
Old 11-10-2014, 11:08 PM   #9
Recycles dryer sheets
 
Join Date: Jul 2014
Location: Undisclosed
Posts: 93
Excel spreadsheet that I developed starting back in 1997. I just add another 20 lines or so each new year and modify the formulas and constants as needed.
__________________
N02L84ER is offline   Reply With Quote
Old 11-11-2014, 09:53 AM   #10
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 1,132
All my tax planning is done in Excel. After the actual return is final, I transfer all data and calcs to the tax spreadsheet, which has history dating back many years. Our return is relatively straightforward, so it is not difficult to recreate the math and logic. I then do a projection for the current year, using updated brackets, exemptions, any tax law changes, etc, and keep it updated once a month or so with any new information. I fine-tune everything in December and take any year-end actions needed.

My retirement spreadsheet also has a tab called "Tax & Roth," where I do longer-term tax planning and what-ifs. I also update this tab to keep it in-sync with actuals and the current year tax plan. Then, I do 30+ year projections applying various inflation rates to the latest brackets, exemptions, standard deductions, etc. I use this mainly for optimizing my withdrawal strategy, including decision-making about Roth conversions, when to take SS, etc.
__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.0% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote
Old 11-11-2014, 11:36 AM   #11
Thinks s/he gets paid by the post
Lisa99's Avatar
 
Join Date: Aug 2010
Location: The Villages
Posts: 1,327
Thanks everyone for your input.

I'll be researching the various recommendations over the next couple of weeks.
__________________

__________________
Learning how to be still, to really be still and let life happen - that stillness becomes a radiance -
Morgan Freeman
Lisa99 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Best US Tax Prep - Buy Software or Hire a Preparer? Siestatime FIRE and Money 100 03-28-2013 09:04 AM
My Experience with TAX ACT tax prep software samclem Other topics 23 04-19-2009 08:34 PM
H&R Block Tax prep course advice Sue J Other topics 21 10-13-2008 08:38 PM
Which Tax Software Do You Use? chinaco FIRE and Money 20 01-28-2008 02:01 PM
Tax Prep Software bubba Other topics 7 01-07-2007 06:54 PM

 

 
All times are GMT -6. The time now is 09:09 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.