How to Estimate an Income Tax Return
If you're eager to figure your tax refund early, a few minutes of your time and a little of your financial information is all you need to find out what your tax refund or bill will be. This information is free.
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Things You'll Need
- A copy of your latest check stub, W-2 or similar income summary
- Internet access
- Online tax calculator
Instructions
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Go to the IRS website and click on the IRS tax calculator tab. The general information screen will appear.
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Enter your general information such as your marital status, dependency status and the number of jobs you have. Click "Continue." Another window will appear, requesting your income and withholding information.
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Use your W-2, recent check stub or any other financial earnings summary, and enter your income and withholding information in the boxes. Click "Continue." The deductions window will appear.
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Enter your tax deductions in the boxes and click "Continue." The next window will show you your expected tax refund or bill based on the information you have provided.
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Review your estimated tax return information. If you owe money, the IRS will point out that you still owe money and state how much money should be withheld from your income by the end of the year to avoid penalties when you file the year's taxes.
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Tips & Warnings
The IRS tax estimator is most accurate. However, feel free to use H&R Block's tax calculator and 1040.com's tax calculator to estimate your tax return as well. All provide you with a very good idea of your tax return.
Be sure to provide the online tax calculator with your most current and accurate information possible. Inaccurate information could provide you with an inaccurate tax return estimate that is unlike your real tax figures.
References
Resources
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