How to Get an Estimate on Your Tax Refund in Five Minutes with H&R Block
H&R Block has become something of an industry disruptor with its simple service that allows you to estimate your tax refund in as little as five minutes.
With the free online tax calculator from H&R Block, you just need your approximate earnings and deductions and you’ll be able to estimate your next tax refund in just five minutes. It will also provide you with information regarding what you can expect to receive the following year.
You’ll need to answer certain questions about health insurance, marital status, age, and the number of dependents you have.
For the ‘Income’ section, you’ll need 3 numbers found on your W2 form. You can estimate your numbers if you don’t have your W2 yet.
Table of Contents
The Three Numbers You Need
Pick up your W-2 Form and find the following three numbers:
- Total wages, found in box one.
- Federal income taxes withheld, found in box two.
- State income tax found in box 17.
Take note that you don’t need to consider box 17 if you’re lucky enough to live in a state that doesn’t have a state income tax.
Filing Your Taxes
When you’re ready to file your taxes, the IRS recommends choosing direct deposit as your refund method of choice and e-filing. It’s totally free to file your taxes online.
There are lots of popular online tax filing platforms for novice tax users, such as H&R Block. If you had an income of less than $66,000 for the year, a lot of online tax services allow you to file your taxes for free. Some of them also have features for filing for your state taxes.
The way you file your taxes will determine how quickly you receive your tax refund. You can do it with a physical form, but if you use the e-filing system you can get your tax return within three weeks. That’s twice as fast as the six-week wait you’ll have if you send in a paper return. With e-filing you can also select direct deposit for your refund.
New Tax Brackets
President Trump signed the new Republican tax bill at the end of December 2017, but the brand-new tax brackets are only going to come into force against income earned after January 1st 2018. In other words, 2019 will be the time when you will start to notice these changes in your pocket.
Try the tax refund calculator and see how much your refund will be!