Can this tax calculator possibly be accurate? (pay, taxes, rate)
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I will be filing my taxes next week and was trying to give myself a ballpark figure of what I can expect back. The Hand R block tax calculator estimated 8,000$ which would be amazing but seems way too high to be true.
Can anyone help me out here. Here is my info...
total income on w2s-roughly 55,500$
total federal taxes withheld- 11,300$
total state taxes withheld- 2,780$
I have paid 4,300$ in student loan interest this year
I have paid 550$ for one college course this year
That is basically all the information I plugged into the calculator and it somehow came up with 22,500 dollars taxable income and a 8,000 return. I imagine this must be pretty inaccurate.
I live in massachusetts where the flat rate is 5.3% on income. I've been told that the first 8,000 of income is taxed at 10% and then I fall into the 25% bracket after that.
Can anyone explain how H and R block came up with this number and what is more likely to happen? Thank you very much in advance.
You can go online at Turbo Tax and plug in your information for free and it will give you all the numbers you need. You had a lot of taxes withheld--assuming the $11,000 is just federal. That could account for the larger refund, however, $8000 does seem high but the student loan interest is a handy deduction.
Ummm you didn't tell us some pretty important information - like whether you're married filing jointly, or single, as well as how many dependents/exemptions you have.
I would go into turbotax also. You can run the whole thing before you pay anything. If you have your forms in front of you and your tax situation is simple, it shouldn't take long.
I agree to use the Free turbotax. It's great for running scenarios and very powerful. Great that they make it free to use. Just click on the start for free. Even complex taxes are very accurate plugging in everything on Turbotax.
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