Tax Refund / Amount Owed Estimator
A quick, simplified federal estimate. Brackets and deductions are approximate; this is not tax advice.
Filing & Income
Deductions, Credits & Payments
Income & Deductions
AGI
$122,000
Deduction
$14,600
Taxable income
$107,400
Tax & Credits
Bracket tax
$18,819
LTCG pref. tax
$0
NIIT (3.8%)
$0
AMT (excess)
$0
State tax (est.)
$6,745
Credits (CTC + other)
$0
Tax after nonrefundable
$25,563
Refundable credits
$0
Total tax (net)
$25,563
Payments & Outcome
Total payments
$18,000
Amount owed
$7,563
Marginal rate
24.0%
Effective rate
21.0%
Extra per paycheck (W-4)
$315
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Where your tax bill comes from
See which pieces of the estimate contribute the most before payments and credits.
Bracket detail
| Up to | Rate | Tax in bracket |
|---|---|---|
| $11,600 | 10% | $1,160 |
| $47,150 | 12% | $4,266 |
| $100,525 | 22% | $11,743 |
| $191,950 | 24% | $1,650 |
source: calestimator.com/tax-refund-calculator
Educational estimate only — not tax advice.
Summary
Taxable income $107,400. Regular tax $18,819 + LTCG pref. $0 + NIIT $0 + AMT (excess) $0 + State $6,745. After nonrefundable credits $25,563; refundable $0; total tax $25,563. Payments $18,000 ⇒ Amount owed: $7,563. Marginal 24.0%, effective 21.0%. Not tax advice.
How to use the Tax Refund Calculator
Estimate your upcoming tax refund or balance due by plugging in income, withholding, credits, and deductions.
- Enter wages, self-employment income, and investment earnings.
- Add adjustments such as retirement contributions or educator expenses.
- Select deductions—standard or itemized—and eligible credits.
- Review whether you will owe or receive a refund, then adjust withholding if needed.
Tax Refund Calculator key terms
Knowing how each field influences the results keeps the math grounded in reality.
Tax withholding
The amount your employer withholds from paychecks. Matching it to your actual liability prevents surprises.
Refundable vs. nonrefundable credits
Refundable credits can generate a refund even if you owe zero tax; nonrefundable credits only reduce tax owed to zero.
Safe harbor rule
Paying 100%–110% of last year’s tax liability generally avoids underpayment penalties even if you owe this year.
Tax Refund Calculator planning ideas
Try running a few “what if” scenarios to translate the numbers into real-world decisions.
Adjust estimated payments
Self-employed filers can see how quarterly payments affect potential penalties.
Major life events
Add a new dependent, home purchase, or side hustle to understand how it alters your refund.
Withholding tune-up
Change W-4 allowances to aim for a small refund instead of a large overpayment.
Frequently asked questions
How accurate is the refund estimate?
It depends on the completeness of your inputs. Complex situations like stock options or multi-state income may require professional software or advice.
Should I aim for a refund or break even?
Many planners prefer to break even to keep more cash throughout the year. Use the calculator to fine-tune withholding so you avoid both penalties and large refunds.