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The US 1040EZ tax estimator allows you to predict what your tax bill or tax refund will be in advance of actually filing your taxes. That way, if your income, filing status or other factors change, you can accurately figure out what your taxes will be well ahead of time so you aren't taken by surprise when you complete your 1040EZ form come spring. The calculator will take your filing status, earnings and projected withholdings for the year into consideration and then calculate the estimated tax refund or tax payment that you can expect.
The U.S. 1040EZ is the most simplified tax form offered by the IRS. It is for taxpayers with relatively straightforward finances who do not itemize deductions, own a business, have substantial investment earnings or otherwise need the more complex 1040A or 1040 forms.
While the 1040EZ is simple to use, you still don't know how much you're going to owe in taxes for the year until you actually complete it. Most people don't do that until tax season comes around in early spring, often not until the April 15 deadline.
The 1040EZ Tax Estimator allows you to run the same calculations now that you'd do with the 1040EZ form later. That way, if you know what your income, withholding, filing status, unemployment payments and the like are going to be, you can find out if you're on track to receive a refund or if not, how much of a tax bill you're likely to face. If the latter, you can start saving now to be able to cover it, rather than getting hit with a nasty surprise come April.
The calculator is updated annually, so the tax brackets, standard deduction, individual exemptions and such are accurate for the current year.
To use 1040EZ, all of the following must apply to you:
You may not use Form 1040EZ if:
Other restrictions may apply. See the official IRS instructions for Form 1040EZ for further information.
You will need to enter your total earnings for the year (actual or projected), as well as any taxable interest and unemployment compensation you expect to receive, along with the total amount of federal income tax you are having withheld for the year.
The calculator will automatically enter your standard deduction and personal exemption, and display your total taxable income and estimated federal tax bill. Use the "View Report" button to view a full summary.