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Income Tax Calculator
Wondering how to estimate your 2024 tax refund?
Just answer a few simple questions about your life, income, and expenses, and our free tax calculator will give you an idea if you should expect a refund and how much, or if you’ll owe the IRS when you file taxes in 2025.
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- Basic Info
- Income
- Deductions
- Credits
- Results
The purpose of tax deductions is to decrease your taxable income, which then decreases the amount of taxes you need to pay to the federal government. To help you reduce your taxable income, we aggregated a huge list of deductions many people often overlook or aren’t sure how to use them to their advantage.
For tax purposes, your adjusted gross income or AGI is essentially your total or gross income minus eligible deductions. You can use our AGI calculator to estimate your adjusted gross income using the most common income and deductions for US taxpayers.
Your tax bracket shows you the tax rate that you will pay for each portion of your income. For example, if you are a single person, the lowest possible tax rate of 10 percent is applied to the first $11,925 of your income in 2024. The next portion of your income is taxed at the next tax bracket of 12 percent. That continues for each tax bracket up to the top of your taxable income. Find yours with our helpful tax bracket calculator.
Most income is taxable, whether you earn it or are paid as a return on your investment. Also, you generally have to pay tax on income when you sell something for more than your basis (usually the amount you paid for something).
If a type of income is taxable, it doesn't matter if you receive payment in cash, by check or electronic payment, or in the form of goods or services. You still pay tax on it.
Certain types of income are excluded from tax. This generally includes income you or someone else has already paid tax on, or income from special situations, such as combat pay.
Your tax filing status makes a big difference in your tax return when you file.
Many people simply choose the status they believe best fits their personal situation, but in some cases, you may have more than one option. At that point, it’s up to you to pick the status that offers you the most tax advantages. Filing status options are:
Head of Household
Married Filing Jointly
Married Filing Separately
Single
Qualified Widow or Widower
Learn everything you need to know about how filing status impacts your tax return and refund.
Credits differ from deductions and exemptions because credits reduce your tax bill directly. After calculating your total taxes, you can subtract any credits for which you qualify. Some credits address social concerns for taxpayers, like The Child Tax Credit, and others can influence behavior, like education credits that help with the costs of continuing your education.
There are numerous credits available for a wide range of causes, and all reduce your tax liability dollar for dollar. That means a $1,000 tax credit reduces your tax bill by $1,000. Reviewing all the options may be time-consuming, but could also prove to be profitable.
Some major tax credits are:
Foreign tax credit
Credit for child and dependent care expenses
Education credits
Retirement savings contribution credit (Saver's Credit)
Child tax credit
Residential energy credits
Learn more about tax credits and how they impact your tax return and tax refund.
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Xpert Assist Suite of Offerings: Tax Experts are available with TaxAct® Xpert Assist®, which encompasses a suite of services designed to provide varying levels of support and assistance for your tax filing needs. These services are available at an additional cost and are subject to limitations and restrictions. Service availability, features, and pricing may vary and are subject to change without notice. For more details, visit TaxAct Xpert Assist Terms.
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All-Inclusive Bundle: Percent savings based on TaxAct Self Employed edition and a la carte pricing when you qualify for Refund Transfer. All-inclusive is a collection of select products and services that may be used to enhance your DIY 1040 tax preparation and filing experience. Additional state(s) returns are not included. In order to use Refund Transfer, you must qualify and choose to pay for your bundle using Refund Transfer. Offer may not be combined with other offers.
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Refer-A-Friend: Offer valid through October 31, 2025. For each friend you refer to TaxAct who did not prepare and file using us last year, you get a $20 Amazon.com Gift Card after they file their taxes using TaxAct’s 2024 Deluxe, Premier or Self-Employed product. Even better, they get 20% off our federal tax filing products by using the share link you receive from us. The total maximum reward payout per calendar year you may receive is $599.
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Most Popular: TaxAct Deluxe is our most popular product among our online customers with more complex tax situations.
Over 105 Million Returns Filed: Based on e-filed federal returns through TaxAct Consumer and TaxAct Professional software since 2000.
Refund Amounts Shown: Actual refund amounts vary based on your tax situation. Number shown in illustrations are based on IRS published data stating that average 2023 tax refunds were more than $2812. See IRS article for more information.
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