The TurboTax Tax Refund Calculator is Free to Use

TurboTax Calculator for 2020, 2021

How to estimate your tax refund with the TurboTax Taxcaster calculator.

Wouldn’t it be nice to know in advance how much of a refund you’ll be getting back from the IRS? The good news is thanks to the TurboTax calculator you can know in advance how much you’ll get back in taxes in 2021 and it’s super easy to do so.

Turbo Tax has created a handy calculator that will allow you to know how much of a tax refund you can expect to get back before you file your tax return. The best part is you can use it for Free!

You Can Use the TurboTax Refund Calculator for Free!

The TurboTax TaxCaster Calculator is up to date with all the latest tax deductions and credits to increase your refund. You can try the TurboTax Calculator for Free even if you don’t use TurboTax to file your taxes.

When you provide them with your information, they do the math, and their results are 100% accurate. Additionally, you can put your faith in Turbo Tax because they always know the current tax laws, including health care, so your tax return will contain no errors as long as you are accurate when providing them with your information.

How to Estimate What Your Tax Refund Will Be

All you have to do is answer a few questions regarding your marital status, wages and withholdings, children/dependents, homeownership, and a few others, and the TurboTax estimator, calculator will do the rest.

Then, after all of your information has been entered, the calculator will give you a total of how much your refund will be or how much you may have to pay in taxes.

The Calculator Can Help You Get a Bigger Refund

See how much bigger of a tax refund you get back for having children.

One of the greatest benefits of being able to see what the upcoming tax season holds for you can make the appropriate adjustments to get the largest tax refund. For example, you can figure out ahead of time if it would be in your best interest to take the standard deduction or to itemize. You can also see how much of a refund you get for having children with the child tax credit calculator.

Imagine if you had already filed your taxes then learned that you could have gotten a better outcome if you would have itemized your deductions instead of taking the standard deduction. You would have missed out on a bigger refund or maybe paid less in taxes.

Tips for Using the TurboTax Calculator

Before you use the tax refund calculator, you are going to want to make sure that you have all of the information available to ensure that the estimate is as close to accurate as possible.

You should know which filing status you plan to use as well as your number of children who you can claim, as you may be eligible for the Earned Income Credit and the Child Tax Credit. Your income, payments, retirement information, business income, and charitable deductions also need to be handy.

If you do not have all of the information available, however, the calculator can still provide you with an estimate as to what you can expect to get back in your refund.

How Much Will I Get Back in Taxes?

The TurboTax tax refund calculator is a great way to see the amount of your tax refund in advance. The best part is, it’s free, so you have absolutely nothing to lose!

How to Get Your W2 Form Online

Tax season will be in full swing come mid-January, which means that taxpayers are trying to get all of their financial documents in order with the hope that their refund will be as large as possible.

When you start to file your taxes, there are a few important documents that you are going to need, including your W2 Form.

There should be no problem getting your W-2, however, because each company that you worked for during the year is responsible for sending it to you before January 31.

How Do I Get My W2 Form Online?

How to get a copy of w2 form online.

Today, many taxpayers will be able to get a copy of their W2 forms online. Taxpayers who have employers that use payroll services will have online access to a copy of their W2.

The best part is if you use TurboTax or H&R Block to find your W2, they will import the information for you instantly and make for a speedier tax return and refund. You can find and get your W2 online by using either one of the two following links.

Find your W-2 with TurboTax

Find your W-2 with H&R Block

What Happens if You Move and Miss Your W-2?

Quite a few taxpayers miss their tax documents because they have moved, and the documents go to their old addresses. If you are able to access your W-2 online, this will not be a concern. Furthermore, when you have online access to your tax documents, you can get them faster than you would waiting for regular mail. This means you can be ahead of all of the taxpayers who have not received their documents in the mail.

Learn what the IRS has to say if you still can’t get your get your W2.

When you get your W-2 form online, you will be notified via email once they are available. After you access them, you can download and print them whenever you need to access them. This allows you to eliminate trying to keep your documents in a safe place or misplacing them.

The bottom line is if you get your W-2 form online, you will get the same information that you receive in the mail, but online versions come with more benefits. In fact, the only difference between the forms is one is digital. Nevertheless, as with your mailed W-2, you will want to make sure that the information is correct. Important things to check are your name and social security number.

What to do if Your W-2 Information is Incorrect

If you find that, there is an error on your W-2, you need to contact your employer to have it fixed. They have sent this information to the IRS already, who will be expecting you to send information that matched the document or provide an explanation.

Additionally, if your W-2 has not arrived yet, you have to find out what the holdup is, even if it is just a small amount of money. The IRS will have the W-2, and they will want answers as to why you did not file it.

Importing Tax Information into Your Tax Return

If you decide to get your W-2 online, you will find it is a breeze to keep track of your tax information. If you have not gotten your W-2 online and it is available, you should definitely consider doing so.

We recommend that you get your W2 and file your income taxes with H&R Block or TurboTax online because they will both import your W-2 information into the correct form to ensure that tax filing is as easy as possible.

By going with their online software you decrease the chances of your tax return containing errors, and they guarantee that you will get the largest refund ever or pay the minimum amount of taxes possible.

What is the Student Loan Tax Deduction?

student tax credits

The student loan tax deduction is your chance to get $2,500 off your interest payments. This is the maximum tax-deductible amount. There are strict limits involved with whether you can claim this credit, though, so you need to be aware of that.

For example, if you earn more than $135,000 as a single taxpayer, you’re not entitled to any deduction.

We’re going to answer some of the most frequently asked questions about this deduction and how to claim the student loan tax deduction.

What About Student Tax Credits?

student tax credits

There are student tax credits available, but you can only claim one of them. The two big student tax credits are the American Opportunity Tax Credit and the Lifetime Learning Tax Credit.

The American Opportunity Tax Credit provides you with $2,500, and the Lifetime Learning Tax Credit offers a credit of $2,000. But the American Opportunity Tax Credit has stricter requirements as you need to be studying towards a degree or certification and must be enrolled at least half time.

The Lifetime Learning Tax Credit only requires you to take a single course every year, and you don’t need to be studying towards a degree or certification.

Do keep in mind that you must be enrolled at a school eligible for the Federal Student Aid Program.

Are Full-Time Students Tax Exempt?

Not at all.

Full-time students are eligible for several tax credits and deductions, but you’re still required to report all earned and unearned income to the IRS.

Many students work half time jobs, and that income remains eligible to be taxed, even if you’re eligible for tax credits, and your actual tax burden is $0. Plus, by not filing, you may be missing out on a refund.

Don’t make this mistake, or you may find yourself being fined.

Other Student Tax Breaks and Write-Offs

In addition to the two primary tax credits for students mentioned above, there are a few other student tax breaks and write-offs available.

There’s the $2,500 tax credit for student loan interest payments mentioned before. You can also deduct $4,000 per year on your tuition fees.

It is recommended that you talk with your parents before claiming a credit, however. College students can usually take just one tax credit. However, the parents of college students can take additional tax breaks for you, if you fall within the relevant guidelines.

Try the Student Tax Deduction and Credit Calculator

Want to know how much you’re entitled to when it comes to student tax deductions and credits?

Make it easier with this education credit finder/calculator. Answer some basic questions, and the calculator will plug in the relevant information.

The calculator will tell you which credits you’re eligible for and how much you should get to maximize your tax refund.

Where Do I Get a Student Loan Tax Form?

The correct tax form for student loans is Form 1098-E. If you’ve paid more than $600, you’ll automatically receive this when the tax season begins.

There are other forms for claiming the relevant tax credits. The main one is Form 8863. You need to request this, however.

How to Claim Student Tax Credits and Deductions

The best way to claim your student tax credits and deductions is to use online tax filing. They have all the necessary forms, and they’ll be able to tell you which forms you need.

Just fill in your information, and it will populate the necessary forms for you.  You can also speak to a tax expert who will offer you advice and review your tax forms for you.

W-2 Tax Form Arrival Dates

Tax season is here, and you’re probably still waiting for W-2, 1099, and other tax reporting forms to arrive in the mail. You may have received some. It’s still early, though, and there’s no reason to panic. Most forms aren’t even due yet. For example, Form W-2 is due on January 31 every year.

w2 tax form

So long as the form is addressed and mailed on the due date, it is considered on time. Companies must issue your W-2 by then, unless the date falls on a weekend or legal holiday. Taxpayers are often stressed if they don’t get the proper W2 tax form by the deadline. If they don’t, here are a few steps to take.

  • Check to see if the form is in the mail, on a counter, or sitting around somewhere. If there are any piles you haven’t sorted through, check for the W-2 before resigning to the fact it wasn’t sent.
  • Look in your email inbox. It’s good idea to check the spam filter too. Electronic versions of tax forms must be created with your consent. Otherwise, a paper copy must be sent as well. You may have authorized electronic delivery and not recall, so always look at your inbox.
  • Contact the issuer directly if you’re sure the forms didn’t arrive. If your address is incomplete or you moved, the form might not get to its destination. Forms can also get lost in the mail. Contact the employer and they’ll send another one.
  • Attempt to get in touch even if the employer closes or moves. Send your correspondence to their last known address, and their local post office will likely forward the mail. Searching for the employer on the Internet is a quick way to find their address.

If you still can’t find your tax forms, or there are mistakes, contact the IRS. Note, however, there is a wait time. The IRS doesn’t respond to missing form communications until after February 14. You can then call them at 1-800-829-1040. They’ll need your address, telephone number, and Social Security Number. Also keep handy your employment dates and estimated earnings/federal withholding amounts – found on the last pay stub you received. It’ll save time if you gather all the details in advance of the call. After a long hold time, it is quite frustrating to find out you need to call again later with the right details.

Once you contact the IRS, resolving the issue can take time. The agency will send Form 4598, Form W-2, 1098, or 1099 Not Received, W-2 Incorrect, or Lost to the employer or other issuer of the form. A copy of it will be sent to you. You’ll also get Form 4852, Substitute for Form W-2 or Form 1099-R.

The employer should send the form quickly. If it doesn’t fall into your hands by April 18, you can file Form 4852, but be sure you have a good reason to. You may be severely penalized by the IRS if you use the form improperly. In any case, tax refunds will take longer to arrive. it takes longer for the IRS to verify information with Form 4852.

For the due dates of other tax forms, see the list below.

1042-S: Foreign Source Income Reporting. Due March 31

1094-C, 1095-C: Affordable Care Act. Due March 31

1098: Home mortgage interest. Due February 1

1098-E: Student loan interest. Due February 1

1098-T: Tuition, reimbursements, scholarships, grants. Due February 1

1099-B: Sales, barters, and redemptions of securities. Due February 15

1099-C: Cancellation/forgiveness of debt income (including mortgages). Due February 1

1099-DIV: Dividends, capital gains, and distributions. Due February 1

1099-G: Government payments (tax refunds, unemployment compensation). Due February 1

1099-INT: Interest income. Due February 1

1099-K: Credit card payments in course of trade or business. Due February 1

1099-MISC (Rents): Rents, royalties, prizes, awards, non-employee compensation. Due February 1

1099-MISC (Attorney’s fees): Attorney’s fees and substitute payments. Due February 15

1099-R: Retirement plan distributions, such as IRAs and profit sharing plans. Due February 1

1099-S (Real Estate): Real estate sales information. Due February 15

1099-SA (Distributions): HAS, Archer MSA, or Medicare Advantage MSA distributions. Due February 1

SSA-1099: Social Security payments. Due February 1

W-2: Wages, sick pay, and benefits. Due February 1

W-2G: Gambling winnings. Due February 1

Exceptions to reporting requirements include forms that are issued earlier. A 1099-INT form, for example, may be issued at the time you redeem savings bonds. Also, you would have received form 1098-C within 30 days of selling or donating a car.

In addition:

  • Traditional IRA, Roth IRA, SIMPLE, or SEP contribution details are scheduled to arrive by May 31. For Coverdell ESA contributions (form 1099-ESA), it is April 30.
  • It’s rare to report taxes early if you are a shareholder/partner/member of an LLC, LLP, or S corporation. Tax returns must be prepared before Schedules K-1 are furnished. These can take until March or April to arrive.

Make Sure All Tax Reporting Forms Are On Hand

If you haven’t received all tax reporting forms, do not file yet, even if you’re pretty sure of what’s on them. It will be more difficult for preparers to figure things out. Also, the IRS requires electronic returns to be submitted only after forms W-2, W-2G, and 1099-R are received.

The IRS may also audit you if taxes are filed before the proper forms are available. It must match the information on your tax return with forms such as W-2 and 1099. Otherwise, the return will be flagged. The IRS will take another look if there’s anything that looks different than it should.

We recommend that you file your income taxes with TurboTax online because they will import your W-2 information into the correct form to insure that tax filing is as easy as possible. By going with Turbo Tax you decrease, the chances of your tax return containing errors and they guarantee that you will get the largest refund ever or pay the minimum amount of taxes possible.

The TurboTax TaxCaster Helps You Calculate Tax Refunds

The beginning of tax season is near, and it’s time to get those tax papers in order. If you have all your files organized, you may be eager to get jump-started on figuring out your refund or owed amount.

tax refund calculator taxcaster

Fear not, the TurboTax TaxCaster was built to give you the opportunity to see how much your tax refund is in advance.

One of the amazing benefits of TaxCaster is that you can use it anonymously throughout the tax year since it asks you zero personal identification questions.

This tool provides you with a tax calculator that takes your income and tax deductions into account to provide you with the most accurate result.

One of the most crucial aspects of your income taxes comes down to one thing.

Calculating Tax Deductions

Essentially, your tax deductions give you an allotted amount of money to be “free” before the IRS begins to tax you. Depending on both the local and state income tax liability, you can easily calculate your taxes throughout the year.

Taking over 305 different variables into consideration, the Turbotax TaxCaster will consider all your deductions when looking for the best tax solution for you.

The deductions claimed most include:

However, these are the deductions missed by most:

It Helps Calculate Tax Exemptions

Tax exemptions are one of the specialties of the Turbotax TaxCaster. It helps with lowering the federal amount owed. This includes:

  • Local city exemptions;
  • Personal exemptions;
  • County exemptions;
  • State exemptions; and
  • Dependent exemptions.

The TurboTax TaxCaster is Also an Income Tax Calculator

The technology in the TaxCaster gives it the power to calculate the net of your taxable income. It does this by subtracting your tax deductions from your tax exemptions. This will prompt it to generate your overall refund or owed amount. It takes all your quarterly payments and withholdings along with applicable tax credits and subtracts it from the amount owed.

Using the TaxCaster for AMT Tax Calculations

You also need to consider whether your Alternative Minimum Tax (AMT) is applied to your tax calculation. This will determine the amount of tax owed to you or owed to the state.

Adjusted items, called itemizations, is calculated per a number of medical expenses, depreciation, charitable donations, and other itemized deductions. For each person, whether an individual, a trust, corporation, or even estate, there is a flat rate on the threshold allowed for taxable income.

If your income stands above the AMT exemption calculation, you will pay that amount if it’s higher than the standard federal tax.

Use the TurboTax TaxCaster iPhone App or Online App

You can use the TurboTax TaxCaster by going online or going into the Apple or Google store and downloading the TurboTax TaxCaster App to use it on the go.

It’s a great tool to have in your artillery as you suit up for tax season.

100% Satisfaction Guaranteed

Turbo Tax guarantees that you will have accurate taxes filed and receive the largest refund possible when filing with them. Import your w2 online and start your taxes today for free. Only pay when you are ready to print or eFile your taxes.

New Homeowner Tax Deduction Tips

Congrats on becoming a homeowner. We know you want to get your home customized to your liking, but it is important to keep track of your expenses and finances since your tax situation has now changed. Therefore, today, we are going to provide you with some new homeowner tax deduction tips so you can take advantage of all of the benefits that come with getting a new homeowner tax deduction tipsslice of the American dream.

Home Mortgage Interest & Points

This will probably be your largest itemized deduction.

Qualified mortgage interest means that you paid interest on a mortgage, which is secured by your main home or second home that is not used for rental or business activity. You can claim a mortgage interest tax deduction, but it can be limited by the amount of the loan and the use. However, your income does not limit it.

For example, the mortgage interest deduction for a loan that was used to buy, build or improve your home is limited if the loan balance exceeds $1 million ($500,000 for separate tax filers). For home equity loans that were not used for home improvements, the deduction is limited if the loan balance is more than $100,000 ($50,000 for separate filers).

Amounts that are points are also deductible, but only in the year, they are paid and if the loan is secured by the main home and the proceeds were used to purchase, build, or improve the home. The points must be spread over the life of the loan if they were paid in place of amounts that ordinarily stated separately on the settlement statement.

Real Property Taxes

Real property taxes are deducted on Form 1040, Schedule A. In order to be deducted; they have to be assessed as a percentage of the value of the home. In addition, they must go into the taxing authority’s general fund. If they were paid in exchange for a special project that increased the value, they cannot be deducted.

Usually, when they are nondeductible, they will be referred to as “Special Assessments.” An example of this would be an economic development project. In addition, homeowner associated dues are not deductible.

When you pay real property taxes for closing the sale, the deduction is split between you and the seller. You can only deduct property taxes, which are allocated to the part of the year you own the property. If you pay the seller real property taxes, that payment is included in your cost basis and is not deductible.


It is crucial that you track your basis in the property. This is your investment in the property. The points and purchase price and amounts paid as part of the closing. Even if a portion of the purchase price was paid with borrowed money, you need to track it. Your basis increases by amounts paid for home improvement. When you sell the home, your gain on the sale is determined by reducing the sale price by using this basis.

If the IRS challenges the property’s basis, you must be able to provide receipts and invoices.

Gain Exclusion

When you sell the home, the gain is taxed at current at capital gain rates. However, if you reside in the home for at least two years out of five years, you may not be taxed on the gains. Additionally, you may be able to exclude up to $250,000 ($500,000 for joint filers) of the gain from the sale of a principle residence as long as you pass the ownership tests.

Lastly, even if you don’t live in the home for two years, certain circumstances, such as moving for a new job, can help you receive a reduced exclusion.

What to do if Your W-2 Form is Missing

When tax season comes around it is not uncommon for you to wonder when your W-2 is going to arrive, so you can get your taxes filed as quickly as possible. Employers are supposed to have your W-2s in the mail no later than January 31st.

w2 tax form

The W-2 is where your annual wages will be reported along with your federal taxes that were withheld for the year. You must have this form to file your federal tax return.

How Long to Wait For Your Return to Arrive

The IRS suggests that you wait for two extra weeks for your return to arrive. This means that you should receive your W-2 from your employer no later than February 14.

What to Do If You Think Your Employer Did Not Send Your W-2

  • Follow up with your employer to see if and when they mailed your W-2
  • Make sure that your employer has your correct mailing address on file. You should pay special attention to spelling and abbreviations to insure it was not delivered to the wrong address.
  • Ask for another copy.
  • Check to see if your W-2 is available online so you can easily import it.

What to Do If Two Weeks Has Passed and Your W-2 Has Still Not Arrived

  • Call the IRS for assistance at 800-829-1040. When you call, you should be prepared to provide your name, address, social, employers name, address, telephone number, employment dates, and estimated wages based on your current pay stub. This allows the IRS to contact your employer and remind them to send you your W-2.
  • Download or request Form 4506-T. This form allows you to get the information that the IRS has received from your employer free. If you do not have the ability to download the form you can always call 800-829-1040 to request a copy of the form.
  • Request or download Form 4852 and mail it in to the IRS. This form servers the purpose of a substitute W-2. It allows you to estimate your earnings based on your last pay stub of the year.
  • Online tax filing is great when it comes to assisting you with filling out this form. However, keep in mind if you have to take this route, you will have to file an

How TurboTax Walks You Through Step by Step From Start to Finish

One of the ways many individuals and businesses reduce their taxes is by completing some, or all, of their annual taxes with user-friendly tax software provided by TurboTax for 2019, 2020.

Even if you have never prepared your taxes before, the software walks you through step by step from start to finish.

This gives you the ability to prepare and file your taxes from any computer you would like and makes your tax information easy to share electronically if you do require an accountant to do some of your calculations.

How to File Your Taxes Fast

TurboTax allows taxpayers to efficiently and effectively prepare and file their taxes in a fast and convenient manner. It eliminates the need to do mathematical calculations by hand and does most of the work for you. Below are the primary benefits of using TurboTax.

Access to tax professionals – Not only does the software walk you through your tax preparation step-by-step, but there are CPAs and Tax Attorneys on hand to answer quick questions that pop up while you are completing your taxes, and they can offer general tax advice.

Convenient – TurboTax is available for customers to access from any computer with Internet access, you can even download the TurboTax app to your smartphone to manage your taxes while on the go.

Testimonials – To allow new customers to assess whether TurboTax is the best electronic tool for them, there are current and up-to-date customer reviews that allow you to read first-hand experiences of their customers.

If you are apprehensive about using electronic tax software, TurboTax is your ideal choice because it is user-friendly, provides step-by-step direction, and offers you support when questions arise.

A Special Bonus from Turbo Tax

Turbo Tax is offering free tax advice from tax experts. You can ask your customized question and have any and all of your tax concerns addressed by a licensed tax professional.

You can contact them via phone or live chat, which is run by tax experts such as accounts and CPA’s. All you have to do is have your tax documents together, and they can help you through the entire process.

To qualify for the expert assistant, all you have to do is click “get your questions answered” on the TurboTax website. You will immediately be matched to one of the professional tax experts.

Once the conversation is over, you will receive a transcript just in case you need to use it as a reference in the future.

Three Key Numbers to Check on Your W-2 Form

Tax season is nearing, which means W-2 forms will be coming soon from your employer. Your W-2 form contains key information that will help you fill out your tax return. It also decides whether you will receive a refund or have to pay the IRS. Some of the numbers can help you improve your future tax planning too.

Form W-2 Wage and Tax Statement

Today, we are discussing three of the numbers that you need to make sure are correct on your W-2 form.

Three Key Numbers to Check on Your W2 Form

Box 1 – Your Total Pay

This is one of the most important boxes on your W-2. It shows you your total amount of taxable income. It will be higher than the amount of money that you took home throughout the year if you have taxes withheld from your paycheck. However, it does not include some of the important benefits that allow you to qualify for special tax treatment.

Box 2 – Federal Income Tax Withheld

This box will allow you to determine whether you need to pay the IRS or whether they will be sending you a refund. If your tax withholding forms were filled out correctly, the number here should be close to your tax liability amount. If it is not, you need to go to the HR department at your place of employment and complete a new Form W-4. By doing so your number can be more accurate.

Box 12 – Special Benefits

This box will include all of the tax breaks you are entitled to. All of the things that usually are taxable wages will convert to pre-tax piggybanks such as 401 (k) retirement plans and flexible spending accounts. The more you have listed, the more you save on taxes, which means you should take advantage of everything your employer offers.

TurboTax is loyal to their customers and treat them as if they are not just another number.

Their online filing services has the ability to import your W2 information into your tax return so you can avoid worrying about your forms being delivered via snail mail. Their tax estimator can show you much you’ll be getting back this year in your IRS tax refund.

Educational Tax Deductions and Credits

The cost of education is always rising. However, if you are someone who wants to grow your knowledge base, you will be happy to know that education tax deductions and credits can help education tax deduction credityou with the costs of your education.

One of the tax credits is the American Opportunity Credit, and another is the Lifetime Learning Credit. These credits allow you to reduce your tax dollars, dollar for dollar when you claim educational expenses on your federal tax return.

American Opportunity Credit

This credit allows you to reduce your taxes up to a maximum of $2,500 per student for the educational expenses endured for the first four years. However, students have to attend at least part-time and not have been convicted of a felony drug crime.

Various things qualify for this tax credit, such as books, equipment, supplies, tuition, and other school-related fees. In the event that your taxes are less than $2,500, the refund cut off amount is $1,000. However, those who make more than $80,000 or couples who make more than $160,000 will receive a low credit amount. The phase-out limit for the credit is $90,000 in income or $180,000 for couples.

Lifetime Learning Credit

You do not have to be actively pursuing a degree in order to claim this credit. This credit is for anyone who is taking a course to further his or her education. It covers required tuition, equipment, and books. It allows you to claim a maximum amount of $2,000 on each tax return. However, if the amount granted is more than your tax bill, you will not receive a credit in the form of a refund.

Additionally, the phase-out limit is $66,000 or $132,000 for couples. Those who make more than $56,000 or couples who make more than $112,000 will receive a lower credit amount.

Educational Tax Deduction

Tuition and fees deduction, student loan interest, work-related education, scholarships, and fellowships can allow you to ease some of your educational, financial strains too.

Tuition and Fees Deduction

If you are unable to claim the Lifetime Learning Credit because of the phase-out limit, you can claim the Tuition and Fees Deduction of up to $4,000. This is true even for taxpayers who do not itemize their tax returns. As long as you do not make more than $80,000 or $160,000 for couples, you are eligible. However, you are unable to claim both a credit and a deduction simultaneously.

Student Loan Interest

Even if you do not itemize your deductions, you can deduct your student loan interest on your taxes. This deduction does not phase out until $2,500 per tax return. However, you must not exceed $60,000 in income or $125,000 if you are married. Furthermore, if you have cash in US savings bonds to pay for your education, the interest is tax-free as long as the cash is used for your education.

Try the Education Tax Credits Calculator

Education tax credit calculator

The Education Tax Credit Calculator will give you an accurate view of how much you could be entitled to. Just answer some simple questions regarding your income and your living circumstances, and you’ll get a readout on how much you may be eligible for.

Work-Related Education

If you are going back to school due to your job, you may be eligible to claim this itemized tax deduction. However, you have to prove that the education was to maintain or improve your work skills or a requirement from your employer. However, this deduction is not for those who have to do it to land a new career.

Scholarships and Fellowships

If you receive a scholarship or a stipend for a fellowship, it is tax-free if you use the funds for tuition, supplies, or other school-related expenses. You do have to be a degree candidate though.

Closing Thoughts

If you are a student, you should file your taxes online. They will make sure you get the credits and deductions that you qualify for in addition to making sure that you receive the largest tax refund possible.