Federal income tax and refund estimator

Step 1 is collecting income and adjustment inputs so the calculator can model your adjusted gross income. You can enter W-2 wages, self-employment net profit, and other income streams, plus above-the-line adjustments that reduce taxable income. The tool keeps these inputs separate so each category can be mapped to the right part of the federal workflow.

Step 2 applies your deduction choice. If you select the standard deduction, the estimator uses the standard deduction for the selected tax year and filing status. If you choose itemized, it uses the total you provide. This step produces taxable income, which is the base for bracketed tax calculations once official tables are applied.

Step 3 layers in self-employment tax and credits. If you report 1099 or self-employment profit, the estimator adds self-employment tax to the income tax total. Credits such as the Child Tax Credit, EITC, education credits, and childcare credit reduce total tax after the base tax is computed. If you leave credits blank, the tool treats them as zero, which lowers confidence and flags missing inputs.

Step 4 compares total tax to your federal withholding and estimated payments. The difference becomes your estimated refund or balance due. The results panel includes a breakdown of income tax versus self-employment tax, plus marginal bracket and effective rate once the calculation engine is attached to the current IRS tables. Confidence flags highlight missing inputs so you know where estimates may shift.

Step 5 records assumptions so the estimate stays transparent. The tool highlights whether credits were entered, whether self-employment income was included, and which deduction path you selected. This makes it easier to revisit the estimate later and update it as your income or credits change.