Tax refund calculator is most demanded tool to know the potential refunds that you may get on filing tax return. Just enter your income, family details, deductions or credits into 2023-2024 tax refund calculator. This quickly give you precise results.
How to use refund calculator?
In order to know estimated tax refund you may benefit on your tax return, download the 2023-2024 tax refund calculator. Start by entering information it is demanding-
- General Info- It covers your filing status, age, etc.
- Income- Fill in your income, paychecks, job details.
- Family- Enter no. of dependents, and other info.
- Other income- If you have other sources of income, do mention here.
- Education- Put in expenses, fees, loan related details.
- Other details- Describe expenses on your home, donations, retirement, deductions & credits from your income.
As you put in the details, it generates result based on these factors. This result includes-Deductions, Taxable income, Marginal tax rate, Federal income tax, Credits, Payment/Withholdings, Additional taxes. It tells you Effective Tax Rate & Tax Bracket with this. Thereafter, it suggests you particular turbotax product to choose & prepare tax return using it.
How does tax refund calculator works?
Tax refund calculator tells you about taxable income, deductions, refunds and many more minor details. This is based on the info you’ve entered & tax situation you may undergo. It tells you refund amount by considering the IRS laws related to income tax filing along with your tax situation. And it utilises each minor detail to estimate amount accurately.
Also, in case of any changes in your tax situation you can put in the info, it will update the amount. Or if IRS updates its norms, 2023-2024 tax refund calculator will let you know the updated taxable income and refund amount.
How to track my refund status?
After filing tax returns for this tax season, you can track your refunds during the process. To know status of your return, you need- Social Security or individual taxpayer ID number, filing status, and refund amount on your return. You can trace after 3 days of tax filing.
- Go to IRS website and tap “Where’s My Refund?” tool,
- Thereafter, put in details related to your tax return.
- Now, fill in your status of filing, amount of refund & Social Security number.
- Select “Submit” to submit your request.
- Now, it will show up status of your refund amount.
FAQs
No, if the info you mentioned remains the same then there is no difference between the two refunds. Otherwise, you can update new info, as per changes & know taxes you owe.
Turbotax refund calculator is most reliable & precise calculator. Besides, it tells you results based on IRS updates & keep your data secure on its platform.
Based on the needs you can use the given tax calculators, offered by turbotax-
Tax Caster Tax Calculator, Tax Bracket Calculator, W-4 Withholding Calculator, Self-Employed Tax Calculator, Crypto Calculator, Self-Employed Tax Deductions Calculator, ItsDeductible.
If you are not able to pay taxes in time, file an extension on your return. This will allow you to pay taxes after the last date of tax payment.
You can file extension easily on the platform, simply login your account.
Then, on the lft menu, tap ‘File an extension’.
Now, go with the on-screen instructions.