A helpful TurboTax Feature

[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.

 

[pb4uski]

I have used What-If for years. Nice feature - I just which it also included state income taxes.

 

[Midpack]

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.

 

[audreyh1]

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.

Wow - all these years I've been running my own spreadsheets, including AMT.

Thanks for the TIP. I will look for it next year.

 

[Dawg52]

That is a good tip. Thanks.

 

[marko]

As Johnny Carson used to say: "I didn't know that...".

Thanks!

 

[PatSea]

Where is the form located? I looked through my 2012 TT Deluxe and could not find it. Thanks.

 

[Rothman]

Is it on TT online or only disk versions? I like the idea to model my Roth conversions as my salary drops.

 

[lemming]

It is only available on the desktop/download versions. This year the Deluxe online will not even create a schedule D

 

[MBAustin]

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..

 

[braumeister]

here are the instructions:...

Well, THAT was "Intuit"-ive!

Thanks for digging.