This article was updated for Tax Year 2023, last edited on January 5th, 2024.
The estimation process requires you to enter values (like income or spending) based on what you expect those amounts to be. When figuring out these values for the current tax year, it’s common to use the amounts you had in the previous tax year as a starting point if they’re still applicable. It might be helpful for you to have any related documentation on hand when completing your estimate.
However, if you expect to have income from new sources this year, or if your circumstances have changed, it can be harder to guess what those values might look like. In those cases, it’s common to instead use conservative values based on your currently available information.
For coverage details and other important legal information about Estimator and Optimizer, you can read more here and here.
This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.
Any third-party links are provided for informational purposes only. The third parties and their sites are not endorsed by April and April is not responsible for, and has no control over, their content, privacy policies, or terms of service.