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Frequently asked questions
How does the tax return calculator work?
Enter some simple questions about your situation, and TaxCaster will estimate your tax refund amount, or how much you may owe to the IRS. TaxCaster stays up to date with the latest tax laws, so you can be confident the calculations are current. The results are only estimates however, as various other factors can impact your tax outcome. When you file with TurboTax, we’ll guide you step by step to ensure your taxes are done accurately. Start TurboTax for free
The tax calculator says I owe money. How do I lower the amount?
To lower the amount you owe, the simplest way is to adjust your tax withholdings on your W-4. Our W-4 Calculator can help you determine how to update your W-4 to get your desired tax outcome.
There are a variety of other ways you can lower your tax liability, such as:
- Taking advantage of deductions
- Making charitable contributions
- Maximizing your business expenses
What tax bracket am I in?
Knowing your tax bracket can help you make smarter financial decisions. It is determined by your taxable income and filing status. Use our Tax Bracket Calculator to determine your bracket
What’s the difference between standard and itemized deductions?
The standard deduction is a set amount based on your filing status. Itemized deductions are ones you can claim based on your yearly expenses. It makes sense to choose whichever will yield you the greatest tax break, but if you choose to itemize deductions, you’ll need to keep track of your expenses and have receipts or documentation ready.
Read more about standard and itemized deductions
More about tax refunds
What Is Adjusted Gross Income (AGI)?
When you file your taxes, your adjusted gross income (AGI) can impact your eligibility for deductions and credits that can boost your tax refund.
What Are Tax Credits?
Tax credits can reduce how much income tax you owe, and can add to your tax refund. However, tax credits come with requirements you must satisfy before claiming them.