any tax simulation software?

Discussion in 'Taxes and Accounting' started by ggelitetrader000, Aug 24, 2019.

  1. I am looking for any tax simulation software i can think of. Not actual tax filing but simulate what if condition. That can calculate the taxes if I contribute this amoutn to 401k etc., Is there any? Thanks.,
  2. Baron

    Baron ET Founder

    TurboTax will tell you how much tax you owe as you're filling out the return. So you could just do a mock return and play around with the numbers without actually filing it to see how various scenarios would affect you. And since you don't pay until the return is filed, you could try all of your what/if scenarios for free.
  3. ahhh Baron....the self employed worksheet...hehe


    P. S. Hmmm...where is "That" receipt for the computer I bought?
  4. i checked out the turbo tax app but it still sucks. It does not even let me input the 401k contribution (only ira) and thus can not even calculate the effects of 401k contribution. I am looking for much state of the art one.
  5. ph1l


    A tax-deferred 401(k) contribution would be reflected in the "Wages, tips, other compensation" part of your "Form W-2 Wage and Tax Statement." So there is no separate 401(k) entry.

    Last edited: Aug 24, 2019
  6. Sig


    It does, actually. If you can't figure out something as basic as TurboTax then I'd humbly suggest that a more powerful tax prep software tool isn't going to help you. And if you need a dedicated line item to account for something that you just subtract from your income....maybe you should think about engaging the services of a CPA. They do what-if tax analysis for a living. Hopefully you do not!