Getting an estimate will give you an idea of how much you can expect back when you file your taxes.
How to estimate your tax refund
Use the following steps to calculate your refund with the tax calculator.
- Select your filing status. Second click on the blue (next) button. Now choose your exemptions for yourself, spouse and dependents.
- Enter your income information, then your tax deductions and tax credits. Once all the information is entered you can go on to the next section.
The tax calculator allows you to see your estimate as you go, it is displayed at the top right of the calculator. It shows the amount of your refund or the amount due.
The tax calculator is used to estimate your tax return and tax refund that you will receive in 2015. The calculator is updated when the IRS releases the latest information for the 2014 tax year.
Make Adjustments before Hand
Calculating an estimate of your tax return is an essential step in a good tax plan. An estimate can be calculated by using the tax refund and return calculator.
One of the greatest benefits of being able to see what tax season holds for you is that you are able to make the appropriate adjustments to make filing as smooth as possible. You can figure out ahead of time if it would be in your best interest to take the standard deduction or to itemize.
The tax refund calculator is free offering by TurboTax. It’s free to use and available online 24/7.