How to Estimate Income Tax

It is possible to estimate your income tax for free. This is useful if you wish to get a fairly good idea of how much to anticipate your income tax refund to be or how much you will be expected to pay the Federal Government come tax time.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Free Tax Estimator
• Financial Information such as your pay stubs, student loans, medical bills, mortgage receipts, etc.

1. Create a free account with a website which offers a free income tax estimator generator form. Log in to their website and locate the income tax generator form.

2. Fill in the form with information such as marital status, number of dependents as well as all forms of income from your earnings at work to rental property and child support. Everything you take in, you must report.

3. List all of your expenses; medical bills, child support, alimony, mortgage interest, equity loans, charitable contributions, etc.

4. Note any IRAs and student loans you may have.

5. Write down the state and federal taxes that have been taken out of you and what you predict will be taken out from you before the end of the filing year.

6. Taxes that you have paid or will pay before the end of the filing year.

Tips & Warnings

• This is only an estimate. Do not assume anything from your results.

Resources

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[anixon84]

on 1/1/2009 I can't wait to find out what we are getting back this year, it's like Christmas gifts for adults. BTW, yanpan whatever is very rude and should not have done that! I am going to go flag her comment after I rate your article!

[coachmac4]

on 1/1/2009 Thanks for info on estimating taxes! 5 *

[02SmithA]

on 12/16/2008 Very helpful to get an early estimate!