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After about 5 minutes of quick entry, we gleaned a reasonably accurate picture of what our tax filing situation was going to look like. Note that this calculator does not take into account state income taxes, another type of income tax you may have to account for when filing your tax return. The Platform may also include information about (or offers for) third-party services or products or allow you to connect your account to or otherwise access third-party services or products. Intuit does not warrant, and is not responsible for, such third-party services and products or claims made about them, or the actions or inactions of any third party. Intuit may be compensated by those third parties, which could impact whether, how and where the services and products are displayed. Child Tax Credit–It is possible to claim up to $2,000 per child, $1,400 of which is refundable.
Determining Your Tax Deductions
American Opportunity Credit–Generally for qualified education expenses paid for an eligible student in their first four years of higher education. If the credit brings tax liability down to $0, taxcaster 40% of the remainder (up to $1,000) can be refunded. We use general info such as your filling status, number of dependents, and taxable income to get an understanding of your tax situation.
Expert help as you go
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- Just in time for end-of-year tax planning, TurboTax launched its free TaxCaster app available for iPhone, Android and for the first time, the iPad.
However, there are certain exceptions, such as municipal bond interest and private-activity bonds. Estimating your tax refund can help you prepare for tax season. By using a tax refund calculator, you’ll get an idea of how much you might get back or owe. This can help you plan your finances better, whether it’s setting aside money if you owe taxes or planning how to use a potential refund.
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BTL deductions refer to the Standard Deduction or Itemized Deductions from Schedule A. A BTL deduction is always limited to the amount of the actual deduction. For example, a $1,000 deduction can only reduce net taxable income by $1,000. Examples of common BTL deductions are listed below, along with basic information. Long Term Capital Gains/Losses–profit or loss from the sale of assets held for one year or longer.
Remember, it’s just an estimate, but it can give you a good starting point. When you first browse to the TaxCaster page, you are greeted with a helpful landing page and an open canvas approach. The application is free to use, and you start by entering some basic tax data such as marital status, income, and withholdings. Then, the screen updates in real-time and guides you through the process. Remember that each person’s tax liability is influenced by their financial situation, as well as a number of other factors that may not be accounted for in this calculator.