The information in this article is up to date through tax year 2019 (taxes filed in 2020).
With TaxSlayer’s Refund Calculator, you can calculate your federal tax return anytime, anywhere. It’s easy and it’s FREE. You don’t even need a W-2 to get your estimate.
Here’s how it works
The calculator will ask you for basic facts and figures, like your filing status, family situation, number of dependents, and household income. It will also ask you about your withholdings. (Are your withholdings up to date? Here’s why that matters.)
You won’t need to enter personal data like your SSN or TIN to get a result. Once you fill in the blanks and submit, the calculator estimates the amount of money you’ll get back from the IRS at tax time.
Why you should estimate your refund this year
Do you know how you will use your refund? Are you sure you will be getting money back?
Even if you haven’t changed a thing, your refund amount could be different this year. Estimating your tax refund is an easy way to get answers and start planning ahead.
Note: America’s tax laws change from time to time. The TaxSlayer Refund Calculator is updated each year to account for these changes, so your estimated refund amount will reflect the most current tax rates.
How tax reform affected tax refunds
In December 2017, the Tax Cuts and Jobs Act was signed into law and brought big changes to the tax code. Below is a list of some of the most significant changes that may have an effect on your refund even now.
Mortgage interest – If you purchased a home after Dec. 15, 2017, you may deduct interest on debt up to $750,000. Prior to tax reform, that principal was $1 million.
Child Tax Credit – The Child Tax Credit has doubled under the Tax Cuts and Jobs Act. Beginning in 2018, you could receive up to $2,000 in tax credit for every qualifying dependent. The credit is also partially-refundable up to $1,400.
Family Tax Credit – The new tax plan has introduced a separate, non-refundable tax credit worth up to $500 for dependents who do not qualify for the Child Tax Credit.
Standard Deduction – The standard deduction for 2018 is nearly double what it was in 2017, and it continues to increase incrementally. Here are the new standard deduction amounts for tax year 2019.
Married, filing separately: $12,200
Married, filing jointly: $24,400
Head of Household: $18,350