Will give you a personalized refund date after we process your return and approve your refund. Keep in mind, you don’t need to wait to have your final documents in-hand to use the calculator. But having the actual documents will make the results more accurate. Bank products and services are offered by Pathward, N.A. Call us about your refund status only if Where’s My Refund recommends you contact us.

1. ” that allows you to check the status of your refund.
2. You’ll also receive an e-mail confirmation directly from the IRS.
3. Next, you can lower your AGI by either taking the standard deduction or itemizing your deductions.
4. All features, services, support, prices, offers, terms and conditions are subject to change without notice.
5. If you call, wait times to speak with a representative can be long.

Tax deductions reduce your taxable income and therefore can reduce the amount of tax you owe. Reducing the taxable portion of your income can help to swing your tax return toward the refund side. Taking the standard deduction is an easy way to reduce your taxable income, but you have the option to calculate your itemized deductions, using your actual deductible expenses. If your itemized deductions total more than the standard deduction, then you usually would use them instead of the standard deduction.

Our tax return calculator will estimate your refund and account for which credits are refundable and which are nonrefundable. Because tax rules change from year to year, your tax refund might change even if your salary and deductions don’t change. In other words, you might get different results for the 2023 tax year than you did for other recent years.

Whether you get that $500 difference refunded to you will depend on whether the tax credits you qualify are refundable or not. Refundable tax credits go into your tax refund if they exceed what you owe. By contrast, some tax credits are nonrefundable, which means they have the power to reduce your tax liability down to zero but can’t be refunded to you if they exceed your liability. Our tax return calculator will take all of this into account when figuring out what you can expect at tax time. Remember that each person’s tax liability is influenced by their financial situation, as well as a number of other factors that may not be accounted for in this calculator.

If you mailed a paper return and expect a refund, it could take four weeks or more to process your return, the IRS said. So, you can expect to see slight adjustments to the tax brackets each year. Tax credits won’t put you in a lower tax bracket. Instead, they apply directly to your tax bill, which can be hugely beneficial. For example, the child tax credit for 2023 is fully refundable and worth $2,000 for every dependent age 16 and younger.

Business taxes

Our estimates are based on information you provide about your filing status, income, retirement contributions, tax withholding, deductions, and dependents. After getting a 2023 tax return estimate using the TaxCaster tax estimator for the 2024 tax filing season, it’s time to plan. If you’re expecting a refund, consider how you determine tax refund can use it wisely. Maybe it’s time to boost your emergency fund, pay down debt, or invest in your future. If you owe taxes, start budgeting now to cover that upcoming expense. You can also look at ways to potentially increase your refund, like checking if you’ve taken advantage of all eligible tax deductions and credits.

Learn more about what’s new for your tax refund

Itemized deductions are a list of eligible expenses that also reduce your taxable income. Don’t get too excited— this could be a sign that you’re having too much tax withheld from your paycheck and living on less of your earnings all year. You can use Form W-4 to reduce your withholding easily now so you don’t have to wait for the government to give you your money back later.

Contribute to pre-tax accounts

Likewise, if you’re a freelancer or a taxpayer who must pay estimated taxes, payments you made during the year might also cover your bill. But it’s beneficial to lower-income taxpayers, who end up paying a smaller portion of their total income toward taxes than those who earn more. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted. And if you want to file your own taxes, you can still feel confident you’ll do them right with TurboTax as we guide you step by step. No matter which way you file, we guarantee 100% accuracy and your maximum refund.

Generally, the more income you earn, the higher your tax rate. It uses the information you provide — such as your income, filing status, age, taxes withheld, and additional deductions or credits you plan to claim — to arrive at https://turbo-tax.org/ a rough estimate. If you file your taxes early, you don’t have to wait until after the tax deadline to get your tax refund. Depending on the complexity of your tax return, you could get your tax refund in just a couple of weeks.

We can also help you understand some of the key factors that affect your tax return estimate. The US operates a progressive income tax system. Rather than all of your income being taxed at the same rate, it’s divided into chunks — known as tax brackets — and taxed at rates from 10% to as much as 37% for the highest-income earners. Answer simple questions and TurboTax Free Edition takes care of the rest. Deductions are used to lower your taxable income, while tax credits are subtracted from the amount you owe. Adjust your federal withholdings to see if you will receive a tax refund.

Credits & Deductions

To get a timeline for when your refund will arrive, you can go to /refunds. Federal income tax rates increase as taxable income increases. Your tax bracket is the rate that is applied to your top slice of income. Learn more about tax brackets and use the tax rate calculator to find yours.

If you want to estimate how big your refund will be this year, you’ll be well served by our free tax return calculator. Our tax calculator, like others, can only estimate your federal tax liability. To get the exact figure, you need to complete your tax return. A Form 1040 return with limited credits is one that’s filed using IRS Form 1040 only (with the exception of the specific covered situations described below).