I like to use Taxcaster which is an online tax calculator made by TurboTax. I think I have found a problem....either w/ Taxcaster or me and am looking for a 3rd vote. I am wondering what the real TurboTax software would say........so for those w/
too much time on their hands:
Married filing jointly, both age 50, std deduction
Interest income = 60K
LTCG = -3K (a loss)
AGI = 57K
Taxable Inc = 38.3K
Tax = 4914 ......I agree w/ this
Now do the same scenario above by under 2 different conditions:
A) add Ordinary&Qualified Dividends
QDIV=26K (same for ordinary)
AGI = 83K
Taxable Inc = 64.3K
Tax = ??
B) QDIV = 29K (same for ordinary)
AGI= 86K
Taxable Inc = 67.3K
Tax = ??
I'd also be curious how long it takes to do this .
W/ Taxcaster you just put a few numbers in so it
just takes a few minutes. W/ software in an interview mode, my impression is that it can take much longer. I've never used TurboTax but I thought I had read that you can also use it in a non-interview mode . Thanks.
When you use TurboTax , is it easy to do what ifs....e.g. if you already did your own taxes, can you do completely different scenarios and still retain your own original results? Or is it designed for a single user so that changing numbers will destroy your own return?
fyi, the scenarios above came from looking at a Roth conversion. I just stuck conversion numbers in w/ interest since they are both ordinary income.
too much time on their hands:
Married filing jointly, both age 50, std deduction
Interest income = 60K
LTCG = -3K (a loss)
AGI = 57K
Taxable Inc = 38.3K
Tax = 4914 ......I agree w/ this
Now do the same scenario above by under 2 different conditions:
A) add Ordinary&Qualified Dividends
QDIV=26K (same for ordinary)
AGI = 83K
Taxable Inc = 64.3K
Tax = ??
B) QDIV = 29K (same for ordinary)
AGI= 86K
Taxable Inc = 67.3K
Tax = ??
I'd also be curious how long it takes to do this .
W/ Taxcaster you just put a few numbers in so it
just takes a few minutes. W/ software in an interview mode, my impression is that it can take much longer. I've never used TurboTax but I thought I had read that you can also use it in a non-interview mode . Thanks.
When you use TurboTax , is it easy to do what ifs....e.g. if you already did your own taxes, can you do completely different scenarios and still retain your own original results? Or is it designed for a single user so that changing numbers will destroy your own return?
fyi, the scenarios above came from looking at a Roth conversion. I just stuck conversion numbers in w/ interest since they are both ordinary income.