Search found 515 matches
- Wed Mar 20, 2024 7:14 pm
- Forum: Personal Investments
- Topic: Vanguard and non-dividend distribution cost basis
- Replies: 2
- Views: 462
Re: Vanguard and non-dividend distribution cost basis
Thanks. I've been helping a relative untangle a complicated account and tax situation.
- Wed Mar 20, 2024 1:31 pm
- Forum: Personal Finance (Not Investing)
- Topic: Question regarding taxes and foreign earned income exclusion
- Replies: 6
- Views: 612
Re: Question regarding taxes and foreign earned income exclusion
The addition of foreign income, even if excluded, is added back in to calculate your MAGI (Modified AGI), which is used to determine your tax brackets. In the second scenario, some of your cap. gains will be taxed at zero, depending on filing status, and rest at lower rates than in the first scenario. Also in the first, NIIT may kick in.
- Tue Mar 19, 2024 6:12 pm
- Forum: Personal Investments
- Topic: Vanguard and non-dividend distribution cost basis
- Replies: 2
- Views: 462
Vanguard and non-dividend distribution cost basis
Does anyone know if Vanguard adjusts the cost basis for covered shares after non-dividend distributions? Thank you.
- Wed Mar 13, 2024 9:32 pm
- Forum: Personal Finance (Not Investing)
- Topic: Tax preparation for Expat
- Replies: 3
- Views: 367
Re: Tax preparation for Expat
TurboTax Basic.
Edited to add: If she has the time and likes puzzles, she could do it by hand. It's really the only way to understand what's going on.
Edited to add: If she has the time and likes puzzles, she could do it by hand. It's really the only way to understand what's going on.
- Sun Mar 03, 2024 6:00 pm
- Forum: Personal Investments
- Topic: Why Wellington?
- Replies: 13
- Views: 3219
Re: Why Wellington?
Something seems odd. A family member whose taxes I do has Wellington Admiral and has QDI 45% of total dividends, and a cap. gain distribution around 3.7% of holdings.
Edit: As Electron says above.
Edit: As Electron says above.
- Thu Feb 29, 2024 6:58 pm
- Forum: Personal Investments
- Topic: Why Wellington?
- Replies: 13
- Views: 3219
Re: Why Wellington?
Are you sure about that 82%? I'm seeing 55%.
- Mon Feb 26, 2024 10:57 am
- Forum: Personal Investments
- Topic: Why can't I change capital gains elections at Vanguard?
- Replies: 16
- Views: 1863
Re: Why can't I change capital gains elections at Vanguard?
- Mon Feb 26, 2024 10:30 am
- Forum: Personal Investments
- Topic: Why can't I change capital gains elections at Vanguard?
- Replies: 16
- Views: 1863
Re: Why can't I change capital gains elections at Vanguard?
Yeah. After discussing with my accountant, I decided to take it as cash and invest in a Snickers Bar.™
- Mon Feb 26, 2024 10:13 am
- Forum: Personal Investments
- Topic: Why can't I change capital gains elections at Vanguard?
- Replies: 16
- Views: 1863
Re: Why can't I change capital gains elections at Vanguard?
I was shocked, shocked, to see a tiny short-term capital gain in MMF VMRXX last year.
- Fri Feb 16, 2024 4:25 pm
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12307
Re: Any studies to refute dividend yield & chill?
If you were invested in a broad-based diversified fund or collection of stocks, then spending only the dividend yield would be perpetual. You would never run out of money. The stock price does drop by the dividend amount so this is not a free lunch. Your spending amount each year could be very choppy and cover a wide range and be dictated by economic conditions and corporate policy not your actual needs. Companies are increasingly performing share buybacks so if you refuse to sell shares, the average dividend yield could drop over time if this trend continues meaning your spending drops as a result. I'd say that if you invest $100K in a company and that company earns $10K, gives you back $5K a year in dividends, then it is a free lunch. Wh...
- Fri Feb 16, 2024 1:28 pm
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12307
Re: Any studies to refute dividend yield & chill?
If you were invested in a broad-based diversified fund or collection of stocks, then spending only the dividend yield would be perpetual. You would never run out of money. The stock price does drop by the dividend amount so this is not a free lunch. Your spending amount each year could be very choppy and cover a wide range and be dictated by economic conditions and corporate policy not your actual needs. Companies are increasingly performing share buybacks so if you refuse to sell shares, the average dividend yield could drop over time if this trend continues meaning your spending drops as a result. I'd say that if you invest $100K in a company and that company earns $10K, gives you back $5K a year in dividends, then it is a free lunch. Wh...
- Fri Feb 16, 2024 1:14 pm
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12307
Re: Any studies to refute dividend yield & chill?
Both are free money, ergo dividends are free money.sailaway wrote: ↑Fri Feb 16, 2024 1:02 pmThese two statements are contradictory. Why is one kind of increase free money, but not the other?plats wrote: ↑Thu Feb 15, 2024 7:23 pm
Couldn't finish the video as it was made for neophytes or yutes, and I've been doing this for 45 years.
I'll restate my hypothesis, which I consider to be unimpeachable.
If you invest in a profitable company with positive ROE, you will passively increase your net worth whether the company distributes some of their profits or not. If they do, then that cash is free money because you haven't dug any ditches or made a widget.
- Thu Feb 15, 2024 8:05 pm
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12307
Re: Any studies to refute dividend yield & chill?
If you were invested in a broad-based diversified fund or collection of stocks, then spending only the dividend yield would be perpetual. You would never run out of money. The stock price does drop by the dividend amount so this is not a free lunch. Your spending amount each year could be very choppy and cover a wide range and be dictated by economic conditions and corporate policy not your actual needs. Companies are increasingly performing share buybacks so if you refuse to sell shares, the average dividend yield could drop over time if this trend continues meaning your spending drops as a result. I'd say that if you invest $100K in a company and that company earns $10K, gives you back $5K a year in dividends, then it is a free lunch. Yo...
- Thu Feb 15, 2024 7:23 pm
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12307
Re: Any studies to refute dividend yield & chill?
If you were invested in a broad-based diversified fund or collection of stocks, then spending only the dividend yield would be perpetual. You would never run out of money. The stock price does drop by the dividend amount so this is not a free lunch. Your spending amount each year could be very choppy and cover a wide range and be dictated by economic conditions and corporate policy not your actual needs. Companies are increasingly performing share buybacks so if you refuse to sell shares, the average dividend yield could drop over time if this trend continues meaning your spending drops as a result. I'd say that if you invest $100K in a company and that company earns $10K, gives you back $5K a year in dividends, then it is a free lunch. ht...
- Thu Feb 15, 2024 7:15 am
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12307
Re: Any studies to refute dividend yield & chill?
I'd say that if you invest $100K in a company and that company earns $10K, gives you back $5K a year in dividends, then it is a free lunch.TimeIsYourFriend wrote: ↑Thu Feb 15, 2024 6:33 am If you were invested in a broad-based diversified fund or collection of stocks, then spending only the dividend yield would be perpetual. You would never run out of money. The stock price does drop by the dividend amount so this is not a free lunch. Your spending amount each year could be very choppy and cover a wide range and be dictated by economic conditions and corporate policy not your actual needs. Companies are increasingly performing share buybacks so if you refuse to sell shares, the average dividend yield could drop over time if this trend continues meaning your spending drops as a result.
- Wed Feb 14, 2024 12:51 pm
- Forum: Investing - Theory, News & General
- Topic: Money market fund or bond fund in an employer-sponsored retirement plan
- Replies: 9
- Views: 763
Re: Money market fund or bond fund in a retirement account
Get both. That way you can't lose. Or win.
- Mon Feb 12, 2024 1:19 pm
- Forum: Personal Finance (Not Investing)
- Topic: We get double tax
- Replies: 21
- Views: 1557
Re: We get double tax
I see it. Don't forget NIIT, payroll and state taxes.
- Tue Feb 06, 2024 7:56 am
- Forum: Personal Consumer Issues
- Topic: Vanguard just won't stop sending me paper mail
- Replies: 36
- Views: 3911
Re: Vanguard just won't stop sending me paper mail
A letter to the CEO might help.
- Mon Jan 29, 2024 8:07 pm
- Forum: Personal Finance (Not Investing)
- Topic: Large international incoming wire transfer - will it trigger any alarms?
- Replies: 4
- Views: 652
Re: Large international incoming wire transfer - will it trigger any alarms?
Filing FBAR and Form 8938 may be necessary.
- Mon Jan 22, 2024 10:00 pm
- Forum: Personal Finance (Not Investing)
- Topic: FBAR filing, failed to obtain a copy. Possible consequences? [Report of Foreign Bank and Financial Accounts]
- Replies: 11
- Views: 1569
Re: FBAR filing, failed to obtain a copy. Possible consequences?
I wonder if doing it again might work.
- Fri Jan 19, 2024 12:41 pm
- Forum: Personal Finance (Not Investing)
- Topic: Basic H&R Block/Turbotax--2 computers, international filing?
- Replies: 6
- Views: 879
Re: Basic H&R Block/Turbotax--2 computers, international filing?
TT works fine overseas.
- Tue Jan 16, 2024 9:32 pm
- Forum: Non-US Investing
- Topic: Vanguard accounts with foreign address
- Replies: 28
- Views: 3424
Re: Vanguard accounts with foreign address
There was no mention of retirement accounts (IRAs, etc) versus taxable accounts. My understanding from phone discussions (and the in-house mail when that system still worked) was that my retirement accounts could be maintained at Vanguard, subject to those restrictions, but that taxable accounts could not be maintained. I had an IRA, ROTH, taxable, 529 and annuity all frozen at Vanguard (brokerage) when they learned I was overseas. All could be maintained with dividends reinvested, shares sold when desired and money transferred out. No new shares could be purchased. How did they know you were out of the country, from you IP address from a extended period of time? In my case, it was when I informed them by updating my mailing/residence addr...
- Sun Jan 07, 2024 9:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Turbo Tax not calculating tax correctly
- Replies: 19
- Views: 2677
Re: Turbo Tax not calculating tax correctly
3a is for Qualified dividends. Line 7 is for Capital gains or (loss).pshonore wrote: ↑Sun Jan 07, 2024 9:21 amNo cap gains other than a 3K cap loss which shows on 3a. Again lines 1-15 of Form 1040 are identical on both TurboTax and Excel 1040 versions.Hyperchicken wrote: ↑Sun Jan 07, 2024 9:08 amSorry, I meant to ask about line 3a (not 2a). Like others suggested too, I think you have portion of your income taxable at LTCG rates.pshonore wrote: ↑Sun Jan 07, 2024 8:49 amNothing on 2a (tax exempt interest), line 7 (-3000) (Cap loss) in both cases.
Again taxable income (Line 15) is the same for both. My guess is TurboTax is using the wrong tax tables. Of course the 2023 tax tables have been out for several months and if I were running things, that would be the first thing I would update for the 2023 version.
- Sat Nov 25, 2023 8:25 am
- Forum: Personal Consumer Issues
- Topic: Is my desktop salvagable?
- Replies: 22
- Views: 2212
Re: Is my desktop salvagable?
Have you tried System Restore, restore to a point before trouble started?
- Mon Nov 20, 2023 8:06 pm
- Forum: Personal Investments
- Topic: Is it time to sale bond mutual funds and take the loss
- Replies: 28
- Views: 4738
Re: Is it time to sale bond mutual funds and take the loss
Or hang out in a MMF for 30 days at 5.3% and buy back after 30 days. I believe a Dec. rate hike is still on the table.
- Sat Sep 30, 2023 9:39 pm
- Forum: Investing - Theory, News & General
- Topic: How long does a bond fund take to recover after an increase in yields?
- Replies: 125
- Views: 17389
Re: How long does a bond fund take to recover after an increase in yields?
I think what most people mean when they say “fully recover” and “break even” is this: They buy a bond fund for $100,000, it drops to $90,000 due to rising rates, then with reinvested dividends it recovers the $100,000 mark.Buddtholomew wrote: ↑Sat Sep 30, 2023 5:53 pm I continue to read terms like “fully recover” and “break even” which makes me question my understanding of bond returns during a rising interest rate environment.
Are you merely recovering NAV loss if rates rise 1% and you hold for 6.4 years, or do you end up with the same total return as if rates stayed the same over that timeframe?
- Wed Aug 02, 2023 4:52 pm
- Forum: Personal Investments
- Topic: Vanguard Account Access
- Replies: 32
- Views: 2950
Re: Vanguard Account Access
My father had a similarly intractable problem decades ago and I told him to write to Vanguard with "Attn: Mr. John Bogle, CEO." The problem was resolved quickly.
- Tue Jul 04, 2023 3:43 pm
- Forum: Personal Consumer Issues
- Topic: Rolex Watch
- Replies: 25
- Views: 5133
Re: Rolex Watch
Be careful with over-servicing a vintage watch. Collectors value originals, not refurbished watches with new parts.
- Thu Apr 20, 2023 2:55 pm
- Forum: Non-US Investing
- Topic: US-IRA investing advice for expat in Norway
- Replies: 20
- Views: 4985
- Sun Apr 16, 2023 11:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: Living abroad, owning a house in CO, turbotax
- Replies: 3
- Views: 497
Re: Living abroad, owning a house in CO, turbotax
No, you don't. You are not a CO resident and don't have CO-based income.loklav wrote: ↑Sun Apr 16, 2023 2:57 pm Hi,
I bought last summer, a house in Colorado with my daughter, who is living inside.
I'm living in France the full year and working in France for a french company.
So I was not planning to fill any state tax declaration for CO. I have no income (no rental or wage) from Colorado.
Am I right? Do I still have to fill some CO state taxes?
Thanks for your help
- Sun Apr 02, 2023 8:05 pm
- Forum: Investing - Theory, News & General
- Topic: Investing in Japan from 1991 to Today
- Replies: 70
- Views: 9932
Re: Investing in Japan from 1991 to Today
What percentage of Japanese households do you think invested in the stock market in the late 80s/early 90s? It's well below half today and I wouldn't be surprised if it was on the order of 10% or less. It was 16% in 2015 and has since skyrocketed to... 21%. (I can't find data from earlier than 2009. Anyone?) This is still an interesting thought exercise, but if you're wondering how actual Japanese retirement savers responded to the cratering of the Nikkei, most of them were using postal savings accounts, the national pension system (akin to Social Security), and corporate defined benefit pensions, none of which exposed individuals to market risk. Don't forget the panic buying of real estate, commercial and residential, golf course membersh...
- Mon Mar 20, 2023 1:18 pm
- Forum: Non-US Investing
- Topic: Vanguard closing accounts? [sudden closure with a Non-US address]
- Replies: 21
- Views: 4105
Re: Vanguard closing accounts? [sudden closure with a Non-US address]
Are there any expat Bogleheads out there that have had restrictions put upon their accounts or frozen without first contacting VG and asking them to clarify their policy?
- Fri Mar 03, 2023 12:55 pm
- Forum: Personal Finance (Not Investing)
- Topic: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.)
- Replies: 46
- Views: 4104
Re: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.
Not seeing any upside. On another note, I've been banking with Wells Fargo as an expat without incident for 42 years.Marseille07 wrote: ↑Fri Mar 03, 2023 10:36 amSure, but no one's suggesting the OP to do that. I merely suggested to inquire what happens should they go abroad, not asking to update their address over the phone call or taunting them in any way.
- Fri Mar 03, 2023 4:26 am
- Forum: Personal Finance (Not Investing)
- Topic: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.)
- Replies: 46
- Views: 4104
Re: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.
Many years ago, I did give Vanguard my foreign address and had no problems with that, either (but I kept a lot more money at Vanguard then). I bet when you used your foreign address you didn't call VG and say, "Hey, guys! Don't you realize I have a foreign address? Are you OK with that? I thought The Vanguard Group was only for US investors." In fairness, he did say it was many years ago and could have been before financial institutions started being strict about it. But, yeah, these days if you try that at best you can expect a letter telling you you have 30 days to switch to another brokerage or your accounts will be liquidated and a check mailed to you; or at worst they immediately close your accounts. Actually they would prob...
- Fri Mar 03, 2023 3:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.)
- Replies: 46
- Views: 4104
Re: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.
I bet when you used your foreign address you didn't call VG and say, "Hey, guys! Don't you realize I have a foreign address? Are you OK with that? I thought The Vanguard Group was only for US investors."
- Thu Mar 02, 2023 11:17 pm
- Forum: Personal Finance (Not Investing)
- Topic: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.)
- Replies: 46
- Views: 4104
Re: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.
I strongly recommend not calling Vanguard asking about their current policy--you'll force them to adapt one. After leaving just go on their website and change your address to your foreign one.OkanePlease wrote: ↑Thu Mar 02, 2023 10:32 pm Super-helpful, Vogatrice. Thanks! I clearly need to call Vanguard to ask what their current policy is.
- Thu Mar 02, 2023 1:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.)
- Replies: 46
- Views: 4104
Re: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.
I got on Japan's national health insurance my first week here even with being on a tourist visa. That was a while back, things may have changed. It also covers overseas' medical bills, but it's always good to have back-up travel insurance or a credit card with insurance when out of Japan. Thanks, plats. How long ago was this? My partner is from Japanese and we go there often. There hasn't really been a "tourist visa" as we typically think of it for a long time. No need for a visa for up to 90 days. Beyond that time period, you actually need some form of government permission ("visa") based on schooling, work, or some other "sponsored" activity in Japan, and once the government permits that, you're therefore el...
- Thu Mar 02, 2023 12:38 pm
- Forum: Personal Finance (Not Investing)
- Topic: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.)
- Replies: 46
- Views: 4104
Re: Financial and logistical considerations of living abroad for two years? (Bank/brokerage accounts, storage, car, etc.
I got on Japan's national health insurance my first week here even with being on a tourist visa. That was a while back, things may have changed. It also covers overseas' medical bills, but it's always good to have back-up travel insurance or a credit card with insurance when out of Japan.
- Thu Feb 09, 2023 1:34 pm
- Forum: Non-US Investing
- Topic: American Expat in Chile with US cash inheritance
- Replies: 4
- Views: 1057
Re: American Expat in Chile with US cash inheritance
You won't have to worry about USA taxes for a while. VT or VTI may distribute $1K/year in dividends while the standard deduction is near $13K (single/married filing separately).
- Tue Feb 07, 2023 12:48 am
- Forum: Non-US Investing
- Topic: opening a Roth IRA from abroad as an expat
- Replies: 10
- Views: 1416
Re: opening a Roth IRA from abroad as an expat
If you go through Form 2555 you'll find there is no line with "Enter on line X how much of your foreign earned income you'd like to exclude." Wish there was.EddyB wrote: ↑Mon Feb 06, 2023 11:59 pm I don’t use the FEIE, but I’ve seen this comment before. Why is that? Why can’t one take the FEIE only with respect to a portion of qualifying income? I’m not at all suggesting you’re wrong, but I’ve never noticed something official about it (like I said, I don’t use the FEIE, but it’s hard to be a foreign-based taxpayer without seeing a lot of instructions about the FEIE). One can use non-US income for an IRA, if it hasn’t been excluded.
- Mon Feb 06, 2023 4:10 am
- Forum: Non-US Investing
- Topic: opening a Roth IRA from abroad as an expat
- Replies: 10
- Views: 1416
Re: opening a Roth IRA from abroad as an expat
Technically, if you’re doing the work while overseas, that income would still fall under the FEIE. If you entered on your 2555 that you were in the USA two weeks here, three weeks there, etc., you could possibly fly under the radar by appearing to have done the work while in the USA. I wouldn't recommend it.
- Mon Feb 06, 2023 3:10 am
- Forum: Non-US Investing
- Topic: USA citizen retired in Japan investing
- Replies: 3
- Views: 993
Re: USA citizen retired in Japan investing
If I was moving to Japan permanently I would try to bring as many of my assets as possible with me. Banks on every corner waiting for her transfer. The IRAs are trickier and you'd have to calculate any tax consquences. If she keeps her IRA accounts in the USA, just go to the institutions' websites and enter her new address. They may restrict trading, which it seems she doesn't do much of, but probably not holding. SS is not citizenship dependent. You put in the ten years, you get the benefit.
- Tue Jan 31, 2023 1:46 pm
- Forum: Personal Consumer Issues
- Topic: Talk me out of getting on the Rolex AD waiting list
- Replies: 160
- Views: 14284
Re: Talk me out of getting on the Rolex AD waiting list
I recently sold the Rolex I bought 32 years ago preparing for a big move. Got 3X what I paid for it. Unfortunately, the S&P is up 10X (plus dividends) so I guess I'm a loser. OTOH, I'm in Japan and the Nikkei is flat, so maybe I came out OK.
- Mon Jan 02, 2023 4:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: Yubikey and TurboTax Downloading of Tax Info
- Replies: 10
- Views: 920
Re: Yubikey and TurboTax Downloading of Tax Info
I have my Vanguard account setup to use Yubikey but Quicken and TurboTax download everything with just my login name and password. Hackers take note.
- Sat Dec 24, 2022 12:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: Vanguard Web Site
- Replies: 5
- Views: 838
Re: Vanguard Web Site
I just chose Microsoft Print to PDF and it worked fine.
- Wed Nov 30, 2022 1:37 pm
- Forum: Personal Investments
- Topic: US Citizen living in UK. Is it possible to do backdoor Roth IRA?
- Replies: 1
- Views: 199
- Wed Nov 23, 2022 1:46 pm
- Forum: Personal Consumer Issues
- Topic: Best way to remove and replace a bicycle crank arm (which tools)?
- Replies: 28
- Views: 1735
Re: Best way to remove and replace a bicycle crank arm (which tools)?
Just checked your photo and it is not a square hole, it's diamond.
- Wed Nov 23, 2022 1:12 pm
- Forum: Personal Consumer Issues
- Topic: Best way to remove and replace a bicycle crank arm (which tools)?
- Replies: 28
- Views: 1735
Re: Best way to remove and replace a bicycle crank arm (which tools)?
I Googled "left side mountain bike crank arm" and found many. You'll have to get one the same length, square hole and probably pedals, too. Too bad you're not near me because my friends and I have boxes of unneeded bike parts.
- Wed Nov 23, 2022 12:30 pm
- Forum: Personal Consumer Issues
- Topic: Best way to remove and replace a bicycle crank arm (which tools)?
- Replies: 28
- Views: 1735
Re: Best way to remove and replace a bicycle crank arm (which tools)?
I doubt you damaged the threads by screwing it in the wrong way. It won't go in at all clockwise. Anyway, I just Googled and found you can buy a left side crank arm separately and should be able to get one for under $15.
- Sat Nov 12, 2022 4:37 pm
- Forum: Personal Finance (Not Investing)
- Topic: Using last year's tax software to estimate tax
- Replies: 24
- Views: 2246
Re: Using last year's tax software to estimate tax
I haven't had a chance to purchase next year's tax software. What are your opinion of using last year's tax software to estimate this year's tax. This is mostly to estimate if I need to pay estimated tax. How far would it be off? I got TurboTax 2022 yesterday and it came up with the same results as the TurboTax 2021 test file I was using. This is not right. On the same income, taxes in 2022 should be lower than in 2021. The standard deduction got inflated (maybe plats doesn't use it) and the tax brackets would have been inflated. Maybe TurboTax released the 2022 software with the 2021 tax figures, knowing that they will push out an update before folks can file. For the OP, using last year's software is likely OK for getting withholding ade...