If you have a simple tax situation and have filled out your W-4 correctly, taxes already withheld from your paychecks might cover that bill for the year. Likewise, if you’re a freelancer or a taxpayer who must pay estimated taxes, payments you made during the year might also cover your bill. Then, we apply the appropriate tax bracket and rate(s) based on taxable income and filing status to calculate what amount in taxes the government expects you to pay. We do our best to match you with the right expert based on the nature of your question. Your tax expert will also have read-only access to your tax return so they can better understand your situation. You also have the option to share your tax documents with your tax expert, if needed.
TurboTax Review 2024: Pricing, Features, Ease of Use
The federal income tax rate at which you’re taxed depends on your income tax bracket. Generally, the more income you earn, the higher your tax rate. Federal income tax rates increase as taxable income increases. Your tax bracket is the rate that is applied to your top slice of income. Learn more about tax brackets and use the tax rate calculator to find yours.
TurboTax refund options
- Our process starts by sending detailed questions to providers.
- You also have the option to share your tax documents with your tax expert, if needed.
- With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation.
- Learn more about tax brackets and use the tax rate calculator to find yours.
- Tax experts are available year-round for questions and tax advice, but you may not be connected with the specific tax expert who prepared your tax return.
- Keep in mind, you don’t need to wait to have your final documents in-hand to use the calculator.
Use our tax refund estimator to find out how much you’ll get back this year (or how much you’ll owe). You can sign up for a payment plan on the IRS website. There are several to choose from, and they can provide peace of mind. Here’s how IRS installment plans work, plus some other options for paying a big tax bill. This could be a sign that you’re having too much tax withheld from your paycheck and living on less of your earnings all year. You can use Form W-4 to reduce your withholding easily now so you don’t have to wait for the government to give you your money back later.
Estimate Your Tax Refund with the TurboTax TaxCaster!
We adhere to strict guidelines for editorial integrity. Questions are phrased simply, and tax jargon is kept to a minimum. This makes the process of filing your taxes generally seamless — the program never drops the curtain between you and the IRS forms. You simply answer questions, and your return gets filled in behind the scenes. We offer free one-on-one audit guidance year-round from our experienced and knowledgeable tax staff. TurboTax finds every tax deduction and credit you qualify for to boost your tax refund.
You could end up owing the IRS an underpayment penalty in addition to the taxes that you owe. The penalty will depend on how much you owe and how long you have owed it to the IRS. The W-4 communicates to your employer(s) how much federal and/or state tax you, and your spouse wish to have withheld from each paycheck in a pay period. The final output produces star ratings from poor (1 star) to excellent (5 stars).
If you choose to itemize deductions on your federal return, South Carolina allows you to deduct most of those costs on your state income tax return as well. However, some federal deductions must be added back into your South Carolina taxable income, such as any deductions for state and local income tax. The state of South Carolina requires you to pay taxes if you are a resident or nonresident who receives income from a South Carolina source. The state income tax rates range from 0% to 7%, and the sales tax rate is 6%. If you answered “no” to all of these questions, you must make estimated tax payments using Form 1040-ES.
If you don’t, it might take you longer to compute your refund, or you might not get an accurate calculation. We collect data directly from providers, do first-hand testing and observe provider demonstrations. Our process starts by sending detailed questions to providers. The questions are structured to equally elicit both favorable and unfavorable responses.
To avoid a penalty, your total tax payments (estimated taxes plus withholding) during the year must satisfy one of the requirements we just covered. Remember that each person’s tax liability is influenced by their financial situation, as well as a number of other factors that may not be accounted for in this calculator. Quality tax software or a professional, such as a tax preparer or a CPA, can help you answer any questions about your specific tax situation. If it turns out that your tax withholding, payments, or any credits you qualify for did not cover your liability, you may need to pay the rest at tax time.
Help buttons can also connect you to the searchable knowledge base, on-screen help and more. Learn how to check your refund status and track your refund so you know when to expect it.
The list price of its software routinely is on the high end of the spectrum, especially when adding the cost of a state return. And if you want access to human help, it costs even more. By accessing and using this page you agree to the Terms of Use. You’ll need to sign in or create an account to connect with an expert.
Our free tax calculator will help you estimate how much you might expect to either owe in federal taxes or receive as a tax refund when filing your 2023 tax return in 2024. With Live Assisted, you prepare your taxes at your own pace and on your own time by answering simple questions about your life and taxes. When you need help from a tax expert, just select the “Live Help” button, and we’ll connect you. You can discuss your questions over the phone, via live chat, or via one-way video on your screen.
TurboTax Free Edition supports Form 1040 and limited tax credits only. Tax experts are available year-round for questions and tax advice, but you may not be connected with the specific tax expert who prepared your tax return. We use information about your tax situation to match you with an expert who has experience with taxes like yours. During the process, they’ll also learn more about your unique situation so they can make sure your taxes are 100% correct before filing.
We believe everyone should be able to make financial decisions with confidence. When you use a one-way video with your tax expert, you’ll be able to see them, but they can’t see you. TurboTax calculations are 100% accurate so your taxes will be done right, guaranteed, or we’ll pay you any IRS penalties. In South Carolina, the filing requirements depend on your age, filing status, and residency status. If you’re not sure you qualify, or how this all works, TurboTax can help you figure your taxable gross income and what fishing and farming income you can include as qualified income.
Have a tax expert do your taxes from start to finish, as soon as today. Taxpayers who pay for nursing home care at a licensed facility or from an in-home or community care provider may qualify for a tax credit covering 20% of the expenses, up to a maximum credit of $300. South Carolina also offers several state-specific deductions, including a write-off for certain volunteer emergency responders that’s worth up to $3,000. Also, you can deduct up to $3,000 of income from most retirement plans if you’re under age 65, or $10,000 if you’re 65 or older. When I sign into TT all I see are options to continue my 2021 tax return, which just opens the return and shows that it’s been efiled and accepted.
If you’re expecting a refund, consider how you can use it wisely. Maybe it’s time to boost your emergency fund, pay down debt, or invest in your future. If you owe taxes, start budgeting now to cover that upcoming expense. You can also look at ways to potentially increase your refund, like checking if you’ve taken advantage of all eligible tax deductions and credits. Remember, the TaxCaster tax estimator gives you an insight into your tax situation.This TurboTax calculator is one of many tools that you can use to plan ahead for tax season.
Our team of US-based tax experts have extensive experience and internal training. They can handle all kinds of tax situations, from simple to complex. They’ll turbotax estimate 2021 taxes guarantee your taxes are done right, with every dollar you deserve.When you connect live with an expert, you’ll see their specific credentials.
See when your return is accepted and when you can expect your refund. When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. You also have the option of paying for the software out of your refund. Here are some of the various ways you can find answers and guidance when filing your return with TurboTax. TurboTax has a lot going for it, but price isn’t one of them.
Estimating your tax refund can help you prepare for tax season. By using a tax refund calculator, you’ll get an idea of how much you might get back or owe. This can help you plan your finances https://turbo-tax.org/ better, whether it’s setting aside money if you owe taxes or planning how to use a potential refund. Remember, it’s just an estimate, but it can give you a good starting point.