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 tool 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!
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.
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 for your tax return. 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.
The Calculator Can Help You Get a Bigger Refund
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.
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!