Estimated Federal Tax Summary
Note: If applicable, child tax credits may reduce the amount of federal tax that you owe.
*CAUTION: Your deductions and personal exemptions may be limited if your AGI is above the phase out limit.
This Federal Tax Calculator uses the 2018 Federal Tax Rate Schedules
from turbotax.intuit.com to estimate your federal tax liability (not including earned income or child tax credits) based on the income and tax information that you specify. This calculator is simplified and not meant to replace official tax worksheets, but it can be very useful for quick approximations. To calculate your actual tax, you would need to use Form 1040, 1040A, 1040EZ as appropriate.
This calculator does not take into account dividend or capital gains taxes.
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- The official descriptions for the different filing status options can be found on pages 12-13 of the IRS 1040 Instructions [PDF]
. For your convenience, summarized description are listed below.
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Adjusted Gross Income (AGI)
- Single - Choose this status if you were unmarried, divorced, or legally separated as of the last day of the tax year.
- Head of Household - This option is for unmarried individuals who provide a home for certain other people, and pay more than half the cost of keeping up a home. See the instruction booklet for details.
- Married Filing Jointly - You can choose this option if you were married as of the last day of the tax year, or if your spouse died during the tax year. Choose this option if you are a qualifying widow(er), but see the instruction booklet for details about qualification.
- Married Filing Separately - If you were married as of the last day of the year, you can choose to file separate returns, but you may end up paying more tax because this status places a limit on some of the deductions that you can claim.
- This is your total estimated income minus estimated adjustments to income, such as Qualified Plan / IRA contributions.
- If you plan to itemize deductions, enter the estimated amount of itemized deductions, or leave the field blank to choose the standard deduction. Caution: There may be a phase out associated with your deductions if your AGI is above a certain limit (see the IRS Pub 505 for details [PDF 1.5MB]
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- Enter the number of personal exemptions (1 for Single, 2 for Married filing jointly, etc.). Leave this field blank to use the default. Caution: There may be a phase out associated with your personal exemptions if your AGI is above a certain limit (see the IRS Pub 505 for details [PDF 1.5MB]
- This is the amount that you would use to look up how much federal tax is owed based on the tax rate schedules.
Fed Tax Bracket
- This is your tax rate based on your estimated Taxable Income
. Basically, this means that additional income will likely be taxed at this rate (until you cross over into the next bracket). Your total Estimated Tax does NOT equal your Taxable Income times your Tax Bracket rate! That is because the first part of your income is taxed at 10%, then your next amount of income is taxed at 15%, and so on. See the tax rate schedules for more detail.