Would you like to do a quick evaluation of your taxes before tackling the real thing? By entering some basic facts about your earnings, filing status, and deductions you can get a quick evaluation of your Federal tax repayment or estimate you owe Uncle Sam.
The Turbotax online website has a tax return estimator that you can use for free. Use this handy planning tool to figure out how much of a tax repayment you'll get or how much you'll owe.
How to use the tax estimator - Just enter this basic info
You and your family This is where you enter your filing status. Single, married filing jointly, married filing separately, or head of household. estimate of dependents are also entered here. Earnings and income Money you earned from wages, self-employment and investments are entered into the tax repayment estimator here. Deductions and personal expenses Enter your amounts into these pre-set categories: healing expenses, real estate and personal property taxes, home mortgage interest and points, home equity loan interest, charitable contributions, alimony you paid, child care expenses, and other miscellaneous deductions. Withholding taxes Enter the estimate of your Federal income tax withheld, and State income tax withheld.After entering your facts the tax estimator will give you a overview of your tax situation. This overview will give you a good idea of your tax repayment estimate or taxes you owe. After you've used the tax repayment estimator you'll also get a list of tax tips for your situation.
Tax repayment Estimator - Tax Return Estimator - How to Use it
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