Estimate my tax refund

How to calculate an estimated tax refund? How do you calculate a tax refund? Tax refunds are calculated by subtracting the amount of federal income taxes withheld from your total income taxes due for the year. If the amount withheld from your paychecks for taxes exceeds the amount you owe, then you will receive a refund.

This tax calculator is solely an estimation tool and should only be used to estimate your tax liability or refund.

It should not be used for any other purpose, such as preparing a federal income tax return , or to estimate anything other than your own personal tax liability. Estimate your tax refund for $Wondering what to expect when you file your taxes this year? Rest assured that our calculations are up-to-date with all tax law changes to give you the most accurate estimate. Our tax return calculator will estimate your refund and account for which credits are refundable and which are nonrefundable. Because tax rules change from year to year, your tax refund might change even if your salary and deductions don’t change.

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Complete, Edit or Print Tax Forms Instantly. Think of this as your. We make Taxes great simple again for you. In its simplest form, tax returns are issued when the amount of money being withheld from your paycheck for taxes exceeds the amount you owe the IRS.

When this happens, you are due a tax return from the government. Conversely, you may owe if the money you withheld is too low. Calculate your net income (or loss) on any self-employment business activity, which is generally income minus any expenses.

If the net income also subject to self-employment tax we will include that in the estimate. Non-Service Business. Check the box to indicate if this was a service or non-service business.

The “ Tax Refund Estimator ” tax calculator can simplify the process for you and help provide a fairly reliable figure on your estimated tax refund.

Typically, of taxpayers get. For example, if you calculate that you have tax liability of $0(based on your taxable income and your tax bracket) and you are eligible for a tax credit of $2that would reduce your liability to $800. Some tax returns need extra review for accuracy, completeness, and to protect taxpayers from fraud and identity theft.

You would only owe $800. Extra processing time may be necessary. If you received a refund amount different than the amount on your tax return , we’ll mail you a letter.