Answer a few simple questions about your life, income, and expenses, and our free tax refund calculator will give you an idea if you should expect a refund and how much—or if the opposite is true and you’ll owe the IRS when you file in 2021.
Most Americans are required to pay federal income taxes, but the amount you owe depends on a few factors. We’ll use your information to estimate your filing status and taxable income, then answer the question, “How much will I get back in taxes?”
Next, we’ll dive a little deeper to see how much you’ve already paid in taxes this year—for many, this is the amount withheld from their paychecks by an employer—and then find any credits that could reduce the amount you owe.
Once we have an idea of what you owe and what you’ve paid, we’ll calculate the difference. If you’ve already paid more than what you will owe in taxes, you’ll likely receive a refund from the IRS. If you paid less, you may owe a balance. Either way our tax calculator helps you plan for the 2021 tax season.
Our free tax calculator is a great way to learn about your tax situation and plan ahead. But we can also help you understand some of the key factors that affect your tax return estimate in 2021.
This amount, along with your filing status, tells us how much you owe the government in taxes. We determine your taxable income by taking your adjusted gross income minus your deductions (standard or itemized).
This is the total amount withheld from your paychecks and applied directly to your federal tax bill over the course of a year based on your W-4 allowances. We’ll ask you about this in our 2020 income tax calculator.
Your tax bracket is determined by your taxable income and filing status. When you use our tax refund estimator, we’ll ask you questions about these details to let you better calculate your estimated taxes.
You may reduce taxable income by either claiming the standard deduction or itemize deductions. Our tax calculator will consider both as it determines your refund estimate or estimate of how much you may owe.
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