Show Income Tax CalculatorWondering how to estimate your 2022 tax refund?Just answer a few simple questions about your life, income, and expenses, and our free tax calculator will give you an idea if you should expect a refund and how much, or if you’ll owe the IRS when you file taxes in 2022.
Free Refund Checker Income tax calculator
Free Refund Checker Income tax calculator Estimate how much you'll owe in federal taxes, using your income, deductions and credits — all in just a few steps with our tax calculator. Estimated federal taxes$15,009 We estimate you will owe$15,009 Your standard deduction: $ 12550 Standard DeductionItemize Deductions Someone else will claim you as a dependent on their taxes Your spouse is legally blind Your spouse is 65 or older How we got hereFederal income tax brackets The United States taxes income progressively, meaning that how much you make will place you within one of seven federal tax brackets: Single filers
Married, filing jointly
Married, filing separately
Head of household
Which bracket you land in depends on your filing status: single, married filing jointly, married filing separately, and head of household. Choosing the right filing status can have a big effect on how your tax bill is calculated. Standard deduction vs. itemized deductions Deciding how to take your deductions — that is, how much to subtract from your adjusted gross income, thus reducing your taxable income — can make a huge difference in your tax bill. But making that decision isn’t always easy. The standard deduction is a flat reduction in your adjusted gross income, the amount determined by Congress and meant to keep up with inflation. Nearly 70% of filers take it, because it makes the tax-prep process quick and easy.
People who itemize tend to do so because their deductions add up to more than the standard deduction, saving them money. The IRS allows you to deduct a litany of expenses from your income, but record-keeping is key — you need to be able to prove, usually with receipts, that the expenses you’re deducting are valid. This means effort, but it might also mean savings. How deductions and credits work Both reduce your tax bill, but in different ways. Tax credits directly reduce the amount of tax you owe, dollar for dollar. A tax credit valued at $1,000, for instance, lowers your tax bill by $1,000. Tax deductions, on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket. For example, if you fall into the 25% tax bracket, a $1,000 deduction saves you $250. Estimating a tax bill starts with estimating taxable income. In a nutshell, to estimate taxable income, we take gross income and subtract tax deductions. What’s left is taxable income. Then we apply the appropriate tax bracket (based on income and filing status) to calculate tax liability. Tax credits and taxes already withheld from your paychecks might cover that bill for the year. If not, you may need to pay the rest at tax time. If you’ve paid too much, you’ll get a tax refund. What tax bracket am I in?The United States has a progressive tax system, meaning people with higher taxable incomes pay higher federal income tax rates. Here are the current tax brackets. Woo hoo! I might get a big tax refund!Don’t get too excited; this could be a sign that you’re having too much tax withheld from your paycheck and needlessly living on less of your earnings all year. You can use Form W-4 to reduce your withholding easily right now so you don’t have to wait for the government to give you your money back later. Oh no! I can’t pay this estimated tax bill! What do I do?I need more help with my tax situation. Where can I go?We have you covered. These NerdWallet articles can point you toward: |
How much will my income tax return be
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