TurboTax and Quicken

[bizlady]

Coming off the first partial year of retirement, and thinking about budgets for next year and taxes. So two questions:

1. We will use Turbotax for 2011 taxes and forward. Does turbotax have a feature that allows one to project estimated taxes for the coming year based on projected income etc? (so when we do the 2011 taxes, we can estimate 2012 quarterly payments?)

2. When we set our budget for 2012 in Quicken, do we adjust by our inflation factor? So for example, let's say we budgeted $5k a year in groceries, and our plan has a 3.5% inflation factor. Would we then set the grocery budget for example to $5175 for 2012 in Quicken?

Thanks!

 

[73ss454]

Try this

TurboTax® TaxCaster - Free Tax Calculator - Free Tax Estimator

 

[pb4uski]

Coming off the first partial year of retirement, and thinking about budgets for next year and taxes. So two questions:

1. We will use Turbotax for 2011 taxes and forward. Does turbotax have a feature that allows one to project estimated taxes for the coming year based on projected income etc? (so when we do the 2011 taxes, we can estimate 2012 quarterly payments?)

2. When we set our budget for 2012 in Quicken, do we adjust by our inflation factor? So for example, let's say we budgeted $5k a year in groceries, and our plan has a 3.5% inflation factor. Would we then set the grocery budget for example to $5175 for 2012 in Quicken?

Thanks!

1. Yes. It's called "What-If" worksheets and allows you to easily look at alternative scenarios.
2. Your choice. Quicken budget doesn't specifically provide for inflation that I can find (the Planner does) but you could easily just take last year's budget * (1 + inflation).