Do you want to know how to figure out how much your tax refund will be?
There’s a method in which you can figure out an approximate amount of money you’ll get back from the IRS.
An online tax refund calculator helps to do this accurately. Once you find out what your approximate tax refund is, you can make your financial plans based on that.
Table of Contents
Step One – Personal Information
You’ll need to gather some personal information. First of all, what is your filing status? This is the biggest influencing factor of all because tax brackets are defined based on your filing status.
Then write down how many dependents you have, your estimated annual income, and how much of your paycheck is withheld for tax purposes.
You can get all this information from your payslips or W2 Form.
Step 2 – Start the Online Tax Refund Calculator
Use an online calculator, like this one provided by H&R Block, and begin entering your personal and financial information.
You’ll be asked about dependents, filing status, your age, and your estimated wages/taxes withheld.
Make sure you add any income you receive from other sources, such as stocks, dividends, and interest.
Step Three – Predicting Your Tax Deductions
Now it’s time to estimate your tax deductions. This is where you need to estimate how much you’ll pay in things like real estate taxes, state taxes, and mortgage interest. You’ll also need to add in things like student loan interest and any deductible childcare expenses.
Just click the ‘Calculate’ button, and you’ll get a rough estimate as to how much your tax refund will be from the IRS this year.