Our TurboTax Estimator Tool helps you quickly estimate your annual tax refund or liability.
How to Use the TurboTax Estimator
Enter your annual income, select your filing status, and provide other relevant details such as the number of dependents, your age, retirement contributions, itemized deductions, and tax credits. Click the “Calculate” button to estimate your tax liability.
How the Estimator Calculates the Result
The estimator calculates your taxable income by reducing your total income by the standard deduction based on your filing status, retirement contributions, and itemized deductions. Then, it applies the relevant federal tax brackets to compute the tax owed. Finally, any tax credits are subtracted from the calculated tax. The result is your estimated tax liability.
Limitations
This estimator provides a general estimate and may not account for all possible variables and tax scenarios. For a more accurate calculation, consider using professional tax software or consulting a tax professional.
Use Cases for This Calculator
Estimating Federal Income Tax
Enter your income, deductions, and credits to easily estimate the amount of federal income tax you owe, helping you plan your finances better.
Calculating State Income Tax
Input your state income, residency status, and additional state-specific deductions to accurately calculate the state income tax you’re liable for.
Evaluating Deductions and Credits
Explore various deductible expenses and tax credits you qualify for, giving you insight into maximizing your tax savings effortlessly.
Estimating Self-Employment Taxes
For self-employed individuals, input your business income and expenses to estimate your self-employment taxes, aiding in budgeting and financial planning.
Assessing Capital Gains Tax
Calculate the capital gains tax on your investments by entering details on gains, losses, and investment duration, ensuring accurate estimations for tax obligations.
Planning for Retirement Contributions
Estimate the tax benefits of your retirement contributions by entering your contributions to various retirement accounts, helping you make informed decisions for the future.
Estimating Tax Refund or Owed Amount
After entering all your tax details, the calculator will provide a clear estimate of whether you can expect a tax refund or if you owe additional taxes, helping you avoid any surprises.
Comparing Filing Status Options
Compare different filing status options such as single, married filing jointly, or head of household to see how they impact your tax liability, assisting you in choosing the most beneficial status.
Estimating Child Tax Credit
Input information about your dependent children to calculate the Child Tax Credit you qualify for, ensuring you don’t miss out on this valuable tax benefit.
Forecasting Tax Obligations for Next Year
Based on your current income and deductions, use the calculator to forecast your tax obligations for the next year, aiding in financial planning and budget projections.