TurboTax Estimator 2024

The TurboTax Estimator 2024 is a free tool from TurboTax. It helps you guess how much money you might get back as a tax refund for the year. It uses things like your age, how you file your taxes, how much money you made, and any tax deductions or credits you might qualify for to make this guess.

TurboTax Estimator 2024 Key Points

Here are some important things to remember when using the TurboTax Estimator 2024:

• Accuracy Matters:- The tool's guess depends on the info you put in. So, the more accurate you are, the better the guess will be.

• Use IRS Withholding Calculator:- To make sure you're not paying too much or too little in taxes throughout the year, you can also use the IRS withholding calculator along with TurboTax.

• IRA Planning:- TurboTax has a tool to help you figure out whether you should put money into a traditional or Roth IRA, considering your tax benefits.

• Life Events:- The TurboTax Life Events Tax Calculator can estimate how big life changes, like getting married, having a baby, or buying a house, can affect your taxes.

Calculate estimated taxes using TurboTax Estimator 2024

• To calculate your expected tax payments, use Form 1040-ES.

• First, determine your expected Adjusted Gross Income (AGI), taxable income, taxes, deductions and credits for the year.

• Then follow the instructions on the Form 1040-ES worksheet to assist you in the process.

• If you've overestimated your tax, you can adjust your estimated tax payment by using another Form 1040-ES worksheet.

• You can also recalculate your tax estimate if your personal circumstances change or if a tax law change affects your tax liability for the year.

Note:- You can also refer to your last year's tax return as a general guide. Your goal is to predict your expected annual income.