1040 Tax Calculator
Estimate your federal income tax liability using this 1040 tax calculator. This tool helps you calculate your tax brackets, deductions, credits and more for Form 1040 based on current tax rates.
Your Tax Summary
Your Tax Breakdown
About 1040 Tax Calculator
The 1040 Tax Calculator helps you estimate your federal income tax liability based on your filing status, income, deductions, and credits. This calculator uses the current tax brackets and standard deduction amounts to provide an accurate estimate of what you might owe or receive as a refund.
How Federal Income Tax Works
The U.S. federal income tax is a progressive tax system, which means that different portions of your income are taxed at different rates. As your income increases, the tax rate on each additional dollar of income increases. The tax brackets are adjusted annually for inflation.
Standard Deduction vs. Itemized Deductions
Taxpayers can choose between taking the standard deduction or itemizing their deductions:
- Standard Deduction: A fixed amount that reduces your taxable income. The amount varies based on your filing status.
- Itemized Deductions: Specific expenses you can deduct from your taxable income, such as medical expenses, state and local taxes, mortgage interest, and charitable contributions.
Tax Credits
Tax credits directly reduce the amount of tax you owe, dollar for dollar. Common tax credits include:
- Child Tax Credit: For taxpayers with qualifying children.
- Education Credits: For qualified education expenses (American Opportunity Credit and Lifetime Learning Credit).
- Earned Income Tax Credit: For low- to moderate-income working individuals and families.