Two Websites That Can Calculate Your Tax Refund
If you are expecting a tax refund, you probably want to know just how much of a refund you’ll be getting back in taxes? However, coming up with an accurate estimate is not always easy. So, today, we will discuss two websites that offer a free online tax refund calculator for 2020, 2021.
Table of Contents
- 1 TurboTax Tax Refund Calculator
- 2 H&R Block Tax Refund Calculator
- 3 Step 1 – Run Your Numbers in the Tax Refund Calculator/Estimator
- 4 Step 2 – Consider “What If” Scenarios
- 5 Step 3 – Estimate Again Once Time Has Passed
- 6 When Will You Get Your Refund?
- 7 How to Estimate Your Tax Refund
- 8 How to File Taxes Online in 3 Simple Steps - TurboTax Tax Tip Video
TurboTax Tax Refund Calculator
Another tool you can use to calculate your tax refund is the TurboTax tax refund calculator. Enter in your information and get an estimate of your tax refund. The graphics and sliders make understanding taxes very easy, and it updates your estimate as you add in information.
Estimating your tax refund or balance owed does not have to be complicated. In fact, the online calculators make it easy for anyone. All you have to do is answer some basic questions, and the calculators provide you with an estimate. Most people find that using the tax refund calculator only takes them about 5 minutes.
H&R Block Tax Refund Calculator
An increasing number of people are turning to H&R Block to get their income tax prepared and filed every year. Their user-friendly tax tools take all the hard work and stress out of tax form preparation and will always get you the largest refund.
One popular tool is the H&R Block Tax Refund Calculator. This online calculator will help you see what amount you can expect in back in your tax refund.
Just answer a few simple questions about your life, income, and expenses, and our free tax refund estimator will give you an idea of how much you’ll get as a refund.
H&R Block has been helping American’s with their taxes since 1955. Their online tax software is rated #1.
Step 1 – Run Your Numbers in the Tax Refund Calculator/Estimator
Answer the simple questions the calculator asks. You don’t have to be 100% exact, you just have to give a reasonable estimate. If your tax situation changes, you can always come back to the calculator again.
As you answer the questions, you will see that the information that you enter changes the amount of your refund. You will even have access to your total income, adjustments, deductions, and other important numbers in the form of a tax summary.
Step 2 – Consider “What If” Scenarios
Did you go through the calculator and find out that your refund is low or your balance due is too high. If so, try playing around with different scenarios so you can reach a number that you are satisfied with. For example, you could increase your charitable contributions or add some energy-saving home improvements.
If you foresee your income changing, you may want to try estimating taxes with a lower or higher income so you can see just how much of a difference it makes.
Step 3 – Estimate Again Once Time Has Passed
Anytime something changes with your tax situation, you may want to come back to the calculator again. This will ensure that you are always on the right track financially. The more often you estimate your taxes, the better prepared you can be when it comes time to file.
Tax laws change throughout the year, but by using a tax calculator, you can make sure that you are prepared. By utilizing a tax refund calculator, you can have peace of mind knowing that your tax refund is going to be the best one possible.
When Will You Get Your Refund?
Once you have your return accepted by the IRS, your refund is based on the IRS E-file Refund Cycle Dates. It is estimated that if you electronically filed and selected direct deposit as your payment receivable method, you should get your refund in no more than two weeks. However, if you are waiting for a paper check, it can take an additional week or more.
When you eFile, you will be able to check your tax refund in real-time using the “Where’s My Refund Tool” by the IRS within 24 hours after it has been received. Paper filing can take up to a month to be able to track your refund status through this tool.
Additionally, to use the tool, you have to provide your social security number/EIN, filing status, and the exact amount of your projected refund. When you enter this information, your estimated refund release date will be shown. The date provided is not set in stone, which means you should check the status weekly.
How to Estimate Your Tax Refund
Estimating your refund does not have to be hard, thanks to the Free TurboTax refund calculator and the Free H&R Block refund calculator. You can plan ahead and make sure that you spend your refund wisely when it arrives. The IRS says that taxpayers should expect to receive their refunds within 21 days after they file their tax returns.
How to File Taxes Online in 3 Simple Steps - TurboTax Tax Tip VideoRemember, with TurboTax Online Tax Filing we’ll ask you simple questions and fill out the right forms for you. We’ll find every tax deduction and credit you qualify for to get you the biggest tax refund, guaranteed!
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for twelve years and has published over 1000 articles on leading financial websites.