When it comes to filing taxes, people have mixed emotions. If you get a big refund year after year, chances are you look forward to submitting your income tax return. If you don’t know what to expect, you might have more hesitations. Fortunately, there is a way to predict how much money you would be getting back from the IRS, months before you file.
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 now:
In December 2017, the Tax Cuts and Jobs Act was signed into law and brought big changes to the tax code. The TaxSlayer Refund Calculator has been updated to account for tax reform and the laws taking effect in tax year 2018. The estimated refund could be very different than what you received for tax year 2017. Below are some of the changes that could affect your refund when you file in 2018.
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. Here are the new standard deduction amounts under the TCJA.
Married, filing separately: $12,000
Married, filing jointly: $24,000
Head of Household: $18,000
This article is up to date and accounts for tax law changes for tax year 2018 (tax returns filed in 2019). Learn more about tax reform enacted under the Tax Cuts and Jobs Act here.