Turbotax tax 2024 tax estimator

Estimate potential tax refund & taxable income on your tax return with the help of Turbotax tax 2024 tax estimator. It works as per rules laid down by IRS. Put in some of the details it demands- your income, family, dependents, etc and here it tells you approximate value of taxable income. Also, if you underwent any crisis then tax calculator 2024 calculates results, considering the situation. 

How to access tax estimator? 

To use the tax estimator, all you need to do is purchase a particular product of the tax-prep software- Turbotax. You will get the built-in tax calculator on the platform. 

• Along with the tax tools and services, you can calculate taxes using turbotax tax 2024 tax estimator. 

• This determines your taxable income using the income you earned, subtracting the deductions- standard or itemised. 

• Based on your filing status, it applies tax bracket on your taxable income, to tell you expected tax amount.

Estimate tax & refunds using tax calculator 

 You need to put in some relevant information to share your actual tax situation into tax calculator 2024. This includes the below mentioned info-

• Your Filing status- Share about your marital status, family, household head, whether filing separately or jointly. It calculates actual tax liability & affects tax deductions & credits.

• Age- Enter your Age by 1 January 2024, it may affect your deduction. People older than 65 years come under Standard deduction.

• Income earned- Put in gross income, other earnings from non-employment sources, or business. Enter interests, dividends, income from rent, benefits you take from social security. This may include tips or wages on your income.

• Family & Dependents- Enter no. of dependents in your family, education expenses, child care, and other related details. It may give you tax breaks.

• Deductions- This includes amount contributed to health savings, retirement, interest or student loan you may have taken. Based on your situation, prioritise itemised deduction over standard deduction. 

• Claim credits- Here, you can include EV credit, child care credit, or earned income credit. 

• Paycheck info- Inquires about earnings, job profile, state withholding, etc. You can put in amount withheld by your employer.

• Any life incident- Also mention any life incident happened to you in last financial year. This may lower amount of taxable income.