To know what you’re getting back from IRS at the end of the year, learn how to estimate a tax return by following these helpful tips. It’s a nice feeling knowing you’re getting something back after working so hard. You can use this money to pay off bills, buy a new car or put away for savings. If you have your last check stub, you can find out earlier than you can by waiting around for your W2 to arrive. Although a tax estimator is set up differently with each company, the information you need remains the same. This is a guide on how to estimate tax return ahead of time.
To estimate a tax return, you will need:
- Last check stub from your job with total income received or W2
- Refund tax estimator
- Filing status
- Dependent information
- All other income, payments and credit
- Find a refund tax estimator on the internet. To do this, type in “refund tax estimator” in the search field. A large selection of tax calculators and refund estimators will pop up. Choose one from a reputable company that offers a free refund estimate feature. Never pay or sign up for anything if site requests this to find out your estimated tax refund.
- Choose your filing status. Filing status includes: single, married but filing separate; married and filing jointly; head of household; qualifying widow/widower with dependents.
- Enter in your dependents, if any, in the field for qualifying dependents. Qualifying children are kids that live with you at least half the year or that you can prove you pay childcare for. You can’t get credit for kids you pay child support for or don’t live with you.
- Complete the amount you made for the year. Find this on your last check stub. It should be under or next to “year to date” space. If you have your W2, then find the box for wages. Put this amount in the field to estimate tax return.
- For those with a W2, complete the fields for federal and/or state withholding taxes. You also find this on your last pay stub. The information is listed near your year to date income.
- Add any other income you had that year. This includes unemployment, alimony and social security benefits.
- Add any taxes, deductions, credits and payments you made in the correct fields. This information includes interest payments on school loans, new home purchase and tax withheld from employment. After completing this information, verify all information and fields are correct and click submit. An estimate of your refund or amount owed appears.
Remember, this is only an estimated tax return, you could receive more or less from IRS. You still need to file your taxes on a reputable tax site or go to a professional. There could be more deductions you qualify for that are not listed on the tax return estimate.