Tax Refund Calculator
Tax Refund
Estimate your federal tax refund or amount owed based on income, withholdings, and credits
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Formula
Refund = Total Withheld - (Tax on Taxable Income - Credits); Taxable Income = Gross Income - Standard Deduction
Frequently Asked Questions
When will I receive my tax refund?
The IRS typically issues refunds within 21 days of accepting an electronically filed return. Paper returns may take 6 to 8 weeks. Refunds with the Earned Income Tax Credit or Additional Child Tax Credit may be delayed until mid-February.
Is it better to get a large refund or owe a small amount?
Financially, it is better to owe a small amount because a large refund means you gave the government an interest-free loan. However, many people prefer the forced savings effect of a refund.