Guesstimating next year taxes

JLFTUFreeForum
JLFTUFreeForum Member Posts: 2 Newcomer
edited May 12 in General

Is there any way to do a "What If" similar to TurboTax.

Guesstimating next years taxes capabilities would be helpful.

Thanks in advance.

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Answers

  • CoryF
    CoryF FreeTaxUSA Agent Posts: 209

    Thank you for this feedback.

    FreeTaxUSA does not have a tool that can make estimating taxes easy. However there are several tools at your disposal starting with the IRS Withholding Calculator. You would need to gather your most recent paystubs and any other income sources up to the day you start the calculator. The ending result is an estimation of what you will owe and how much withholding will be needed to pay what you owe.

    The next tool is the IRS publication 505 Tax Withholding and Estimated Tax. There are worksheets available in this publication that can accurately estimate your taxes owed at the end of 2025. This also can lead to using the Form 1040-ES to plan out the right amount to pay to the IRS so that you avoid any underpayment penalties. You can make payments electronically using an IRS online account. This way you don't have to print out the vouchers and send a check.

    These are wonderful tools and information that will help you generate what you are asking.

  • JLFTUFreeForum
    JLFTUFreeForum Member Posts: 2 Newcomer

    @CoryF

    Thanks for your answer.

    Will check it out.

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