How to Figure Out How Much Your Tax Refund Will Be
Are you trying to figure out how much your tax refund will be from the IRS this coming season?
While there’s a few ways to tell, you can get a pretty accurate estimate by using an online tax refund calculator.
By getting a rough idea of the size of your tax refund, you can start making plans as to how you’ll spend that tax refund.
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Where to Find a Tax Refund Calculator
Major tax preparation services all offer a tax refund calculator so you can estimate how much your tax refund will be.
Just enter your filing status, your age at the end of the tax year, and some information about how many dependents you’ll be claiming on your return.
Gather Your Personal Information
You’ll need to know whether you’ll be claiming any dependents on your tax return, how much you earn per year, and how much will be withheld in taxes.
Most important of all, though, is your filing status. The tax brackets change based on whether you’re filing as a single taxpayer, married but filing jointly, or married but filing separately.
Enter Your Financial Details
Begin by entering how much you’ll expect to earn in total for this tax year. Then you’ll be able to estimate your taxes for the end of the year.
If you have a more complex financial situation, you’ll need to start adding income from other sources. For example, maybe you earn interest from your bank, or you have stocks that pay out dividends.
Add Any Tax Deductions
It’s now time to make an estimate of your tax-deductible items for the year. This could include things like state taxes, charitable donations, interest on your mortgage, and property taxes. You may also have childcare expenses or job expenses you can deduct from your taxes this year.
Enter this information and let the calculator do its work and you’ll get a good idea as to how much you may receive at the end of the tax year.