Our income tax calculator is designed to set you up for success; so that you know what to expect and how to structure your finances to make the most of your refund or plan for an upcoming tax payment.
This is the most common filing status that applies to an unmarried person.
You may elect to file as MFJ depending on your marital status at the end of the year.
In some cases, it may be beneficial to file as MFS, especially as it relates to legal issues.
Filing as HoH is more beneficial than filing as single, but you must have borne more than 50% of the cost of maintaining a household and have a qualifying person living there (i.e. child, stepchild, fosterchild, adopted child).
If your spouse died during the tax year, you may be able to file as a Qualifying Widower, but there are other conditions that may apply. For a more detailed listing of those criteria, please click here.
Please enter the amount from box 1 of your W-2 here. Note, if you have more than one W-2, please add all the amounts in box 1 from all of your W-2s and input that number in this field.
Please enter the amount from box 2 of your W-2 here. Note, if you have more than one W-2, please add all the amounts in box 2 from all of your W-2s and input that number in this field.
Based on your inputs, using the standard deduction will yield the greatest tax benefit.
This tax calculator has been designed to estimate your tax refund or liability based on a few different factors including your filing status, income and withholding. If you decide to use the advanced version of our tax calculator, you'll be asked about other items including dependents, other forms of income, and deductions and estimated payments. We'll take the information that you provide, and use it to calculate your adjusted gross income (AGI). Once the tax calculator has determined your AGI, it will then find the applicable tax rate and apply it to your income to determine your tax liability. In the event that you’ve overpaid, the tax calculator will estimate your tax refund. If you’ve underpaid, you’ll be shown your tax liability.
As with any tax calculator (or any other calculator for that matter), the result is only as good as the inputs. When you use this tax calculator, you should ensure that you’ve entered all numbers accurately. If you have any questions about this calculator, you should reach out to our Success Team via the blue chat button on the lower left-hand corner of the screen.
One of the key inputs for this Tax Calculator is your filing status. Selecting the correct filing status will allow us to apply the correct standard deduction and tax rate to your income.
Single - If you’ve never been married, you should select, "Single". If you were divorced or separated at any point during the tax year, you should also select single.
Married - If you were married at any point during the tax year, you should select, "Married". "Married Filing Jointly" and "Married Filing Separately" will have an impact on your tax rates and standard deduction, so you should talk with your spouse about which one you should select. You can use this tax calculator to better understand the financial impact of either choice.
Head of Household - You can select "Head of Household" to estimate your taxes if you were "Single" during the year, but you also must meet both of the following criteria:
1. You paid more than half the cost of maintaining a home during the year.
2. A "Qualifying Person" lived with you for more than 6 months (note: parents do not need to live with you at all, but you do need to provide more than half of their financial support and be able to claim them as a dependent on your tax return.
Qualifying Widower - You may be able to select, "Qualifying Widower" if your spouse passed away at any point during the previous two tax years. Note: You must also have a dependent child to be able to file as "Qualifying Widower".
Selecting the correct filing status can have a huge impact on your taxes. As with any question related to this tax calculator, you should make sure to ask us via our support chat located on the lower right-hand corner of the screen.
This tax calculator has been designed to accommodate a wide range of tax situations. Using the advanced version of this tax calculator will allow you to obtain a more accurate estimate of your tax situation. The advanced version of this tax calculator is generally for people whose tax deductions exceed the standard deduction. Generally speaking, tax deductions from these sources normally have tax forms that allow you to substantiate these deductions. Mortgage interest is reported on form 1098, student loan interest on form 1098-E, most qualifying charitable organizations will prepare annual statements for their donors, medical expenses will generally be summarized on statements or invoices, and child and dependent care expenses usually have receipts or invoices associated with them. You can also enter your estimated tax payments into our tax calculator so that your tax liability or refund is more accurately reflected. If you made estimated payments, you would have used form 1040-V and received a receipt from the treasury department via one of their payment processors (or seen a withdrawal on your bank account in the amount that you paid).
You can find most of the numbers that you need to enter into our tax calculator on forms that are either mailed to you or made available online.
You can find your W-2 income on your W-2 (Box 1) that was issued by your employer. You can also find the taxes that were withheld from your pay throughout the year on your W-2 (Box 2). You should enter these amounts into our tax calculator into their respective fields.
If you had self-employment income, your customers/clients should have mailed you a 1099-MISC. For purposes of this tax calculator, you should deduct your expenses from your income in determining your net income from self-employment (the number you should enter into our tax calculator).
If you have unemployment income, you should have received form 1099G. Enter the amount in Box 1 into our tax calculator.
If you’ve paid interest on your mortgage, you should have received form 1098. Enter the amount in Box 1 into our tax calculator.
If you paid interest on your student loans, you should have received form 1098-E from your financial institution. Please enter the amount in Box 1 into our tax calculator.
If you incurred significant medical expenses (excluding health insurance), you should add up all of the invoices/statements received from all of your providers and enter them into our tax calculator.
If you incurred child and/or dependent care expenses, you should gather up any receipts/invoices, add them up, and enter them into our tax calculator.
If you made charitable contributions, you should obtain statements from the charitable organization that you contributed to, sum those amounts, and enter them into our tax calculator.
If you made estimated payments, you would have used form 1040-V. You should sum up all of your estimated payments throughout the year and enter them into our tax calculator.
Absolutely! Simply use the advanced version of our tax calculator and enter your net self-employment income into that field. Net self-employment income should be calculated as your gross receipts (cash received from customers) less your self-employment expenses (cash paid to your vendors/suppliers as well as some other less common deductions (i.e. home-office deduction - subject to certain qualifying criteria).
Dependents can play a significant role in determining your tax refund/liability. Our tax calculator accounts for those in order to provide you with the most accurate estimate of your taxes as possible.
Entering as much information as possible into our tax calculator will allow you to have the most accurate estimate possible. Hence why we provide all of these fields to be completed. Keep in mind, that this tax calculator is only as good as the numbers that you enter into it. Any items that you fail to enter into our tax calculator could lead to an inaccurate estimate. Also, this calculator does not account for state income or property taxes. Having those deductions could further reduce your tax liability or increase your tax refund.
What happens if I file my taxes late? Should I expect penalties? What happens as time passes?
Since a refund takes much longer for paper filers, the IRS and tax professionals recommend electronic filing.
The Standard Deduction allows you a deduction even if you have no expenses that qualify for claiming itemized deductions.
Deductible taxes include state and local income tax or sales tax, property tax paid during, and any other mandatory tax charged.
To see more helpful tax resources, check out our Tax Tips