Get Tax Forecasting Worksheet

The Tax Forecasting Worksheet is a practical tool designed to help users estimate their taxable income and discuss tax implications with a tax adviser. By following this guide, you will be able to navigate each section of the worksheet confidently.

Follow the steps to complete the Tax Forecasting Worksheet effectively.

1. Press the ‘Get Form’ button to obtain the Tax Forecasting Worksheet and open it in your designated editor.
2. Begin with the Income section. Enter your salaries as reported on Form W-2, along with any non-qualified dividends, interest income, net business income or losses, net capital gains, and any other applicable income. Sum the amounts from lines 1 to 7 to calculate your total income.
3. Proceed to the Adjustments section. List any alimony paid, Keogh contributions, deductible IRA contributions, moving expenses, and any other relevant adjustments. Subtract the total of lines 9 through 13 from your total income on line 8 to determine your Adjusted Gross Income (AGI).
4. In the Deductions section, record medical and dental expenses, state and local taxes, real estate and property taxes, home mortgage interest, investment interest, charitable contributions, and casualty or theft losses. If applicable, choose the standard deduction by marking the appropriate box. Add together your deductions to find the total and proceed with personal exemptions, if applicable.
5. Complete the Regular Tax section by calculating your taxable income by subtracting total deductions and personal exemptions from your AGI. Then determine your regular tax using the appropriate tax rate tables.
6. Include any tax credits you may qualify for, followed by calculating your net regular tax. Record any alternative minimum tax and other applicable taxes.
7. Finally, sum up total tax, include total withholding and estimated tax payments, and calculate the balance due or refund by subtracting the total payments from your total tax.
8. Once you have filled out all necessary information, you can save your changes, download the worksheet, print it for your records, or share it as needed.

Start filling out your Tax Forecasting Worksheet online today for a clearer picture of your tax obligations.