Which software for pro forma tax return prep?

[Lisa99]

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?

 

[rprun54]

Tax Slayer

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[gauss]

Tax Act.

 

[LOL!]

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.

 

[Walt34]

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.

 

[pb4uski]

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).

 

[Gill]

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

 

[Cat-tirement]

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?

 

[N02L84ER]

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.

 

[Cobra9777]

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.

 

[Lisa99]

Thanks everyone for your input.

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