Calculate federal income tax, deductions, and estimate your tax liability or refund
Input your annual gross income and filing status.
Choose standard or itemized deductions, add retirement contributions and tax credits.
See your estimated tax, effective rate, and tax bracket breakdown.
Your total income before any deductions or taxes. This includes wages, salaries, bonuses, tips, investment income, and other sources of income.
Your gross income minus specific deductions called “adjustments to income.” These include things like 401(k) contributions, traditional IRA contributions, student loan interest, and health savings account (HSA) contributions.
The standard deduction is a fixed dollar amount that reduces your taxable income. For 2024, it's $14,600 for single filers and $29,200 for married filing jointly.
Itemized deductions allow you to deduct specific expenses like mortgage interest, property taxes, charitable donations, and medical expenses. You should itemize only if your itemized deductions exceed the standard deduction.
Your AGI minus deductions (either standard or itemized). This is the amount of income that is actually subject to federal income tax.
The tax rate you pay on your last dollar of income. Because the US uses a progressive tax system, you don't pay the same rate on all your income. For example, if you're in the 22% bracket, it means the last portion of your income is taxed at 22%, not your entire income.
The average rate you pay on all your taxable income. This is calculated by dividing your total tax by your taxable income. This rate is always lower than your marginal rate due to the progressive tax system.
Unlike deductions which reduce your taxable income, tax credits directly reduce the amount of tax you owe, dollar-for-dollar. Common credits include the Child Tax Credit, Earned Income Tax Credit, and education credits.
Contributing to a 401(k) or traditional IRA reduces your taxable income. For 2024, you can contribute up to $23,000 to a 401(k) and $7,000 to an IRA.
Health Savings Account contributions are tax-deductible, grow tax-free, and withdrawals for medical expenses are tax-free.
Don't miss out on tax credits like the Child Tax Credit, Earned Income Tax Credit, or education credits.
If you have significant mortgage interest, property taxes, or charitable donations, itemizing may save you more than the standard deduction.
Sell losing investments to offset capital gains and reduce your taxable income by up to $3,000 per year.
If possible, defer income to next year or accelerate deductions to this year to lower your current tax bill.
Child tax credit, education credits, etc.
Disclaimer: This calculator provides estimates for federal income tax only. It does not include state taxes, local taxes, or FICA (Social Security and Medicare) taxes.
2024 Tax Year: This calculator uses the 2024 federal tax brackets and standard deductions.
Progressive Tax System: The US uses a progressive tax system where different portions of your income are taxed at different rates. Your marginal rate is the rate on your last dollar earned, while your effective rate is the average rate you pay on all income.
For accurate tax filing, please consult with a qualified tax professional or use IRS resources.