Income Tax Calculator

The Income Tax Calculator estimates the refund or potential owed amount on a federal tax return. It is mainly intended for residents of the U.S. and is based on the tax brackets of 2024 and 2025. The 2025 tax values can be used for 1040-ES estimation, planning ahead, or comparison.

Modify the values and click the calculate button to use

File Status

No. of Young Dependents Age 0-16

No. of Other Dependents Age 17 or older

Tax Year

Income

Wages, Tips, Other Compensation (W-2 box 1)

Federal Income Tax Withheld (W-2 box 2)

State Income Tax Withheld (W-2 box 17)

Local Income Tax Withheld (W-2 box 19)

Has Business or Self Employment Income?

Yes No

Interest Income 1099-INT

Ordinary Dividends

Qualified Dividends 1099-DIV

Passive Incomes e.g. rentals and real estate, royalties

Short-term Capital Gain

Long-term Capital Gain

Other Income e.g. unemployment pay(1099-G), retirement pay (1099-R)

State+Local Tax Rate Percentage (e.g. 5.5 for 5.5%)

Deductions & Credits

IRA Contributions

Real Estate Tax

Mortgage Interest

Charitable Donations

Student Loan Interest Max $2,500/Person

Child & Dependent Care Expense Max $3,000/Person, $6,000 total, up to age 13

College Education Expense

Student 1

Student 2

Student 3

Student 4

Other Deductibles

Tax Results

Estimated Tax Outcome

Tax Refund: $0.00

Tax Owed: $0.00

Tax Breakdown

Total Income: $0.00

Adjusted Gross Income (AGI): $0.00

Standard Deduction: $0.00

Taxable Income: $0.00

Federal Income Tax: $0.00

State Income Tax: $0.00

Local Income Tax: $0.00

FICA Taxes: $0.00

Total Tax: $0.00

About Income Tax Calculator

The Income Tax Calculator estimates your federal income tax refund or amount owed based on your income, deductions, credits, and tax withholding. It uses the latest tax brackets and rates for 2024 and 2025 to provide accurate calculations.

How Income Tax is Calculated

The calculator follows these steps to determine your tax liability:

Calculate Total Income: Sum of all income sources including wages, interest, dividends, capital gains, etc.
Calculate Adjusted Gross Income (AGI): Total income minus certain adjustments like IRA contributions.
Apply Deductions: Either the standard deduction or itemized deductions (whichever is higher).
Calculate Taxable Income: AGI minus deductions.
Calculate Federal Income Tax: Based on tax brackets for your filing status.
Calculate Credits: Apply any applicable tax credits to reduce tax liability.
Determine Refund or Amount Owed: Compare tax liability with tax withheld.

Understanding Your Tax Results

Tax Refund: If you've paid more in taxes through withholding than your actual tax liability, you'll receive a refund.

Tax Owed: If you haven't paid enough in taxes through withholding, you'll owe additional taxes when you file.

Adjusted Gross Income (AGI): An important figure that determines eligibility for many tax deductions and credits.

Taxable Income: The amount of income that's actually subject to tax after deductions.