1040 Tax Calculator

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2014. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2015.

Your taxes are estimated at LINE_56_TOTAL_TAX. REFUND_OR_OVERPAYMENT_TEXT REFUND_OR_OVERPAYMENT_AMT.

This is AVERAGE_TAX_RATE of your total income of LINE_22_TOTAL_INCOME. Your total tax payments and refundable credits for the year were LINE_64_TOTAL_PAYMENTS. REFUND_OR_OVERPAYMENT_TEXT is estimated at REFUND_OR_OVERPAYMENT_AMT. Your income puts you in the BRACKET_TAX_RATE tax bracket. **GRAPH**
Filing Status and Exemptions
Filing statusLINE_1_FILING_STATUS
Personal exemptionLINE_6A_PERSONAL_EXEMPTION
Spouse exemptionLINE_6B_SPOUSE_EXEMPTION
DependentsLINE_6C_DEPENDANTS
Total number of exemptions claimed LINE_6D_TOTAL_EXEMPTIONS_CLAIMED
Income
Wages, salaries, tips, etcLINE_7_WAGES_SALARIES_TIPS_ETC
Spouse wages, salaries, tips, etcLINE_7_SPOUSE_WAGES_SALARIES_TIPS_ETC
Taxable interestLINE_8A_TAXABLE_INTEREST
Tax-exempt interestLINE_8B_TAXEXEMPT_INTEREST
Ordinary dividends (this includes any qualified dividends)LINE_9_ORDINARY_DIVIDENDS
Qualified dividends (included in ordinary dividends above)LINE_9_OTHER_DIVIDENDS
Taxable refunds or credits of state and local income taxesLINE_10_TAXABLE_REFUNDS_OR_CREDITS_OF_STATE_AND_LOCAL_INCOME_TAXES
Alimony receivedLINE_11_ALIMONY_RECEIVED
Business income or loss (Schedule C & E subject to self-employment taxes)LINE_12_BUSINESS_INCOME_OR_LOSS
Spouse's business income or loss (Schedule C & E subject to self-employment taxes)LINE_12_SPOUSE_BUSINESS_INCOME_OR_LOSS
Short term capital gain or loss*LINE_13_SHORT_TERM_CAP_GAIN
Long term capital gain or loss*LINE_13_LONG_TERM_CAP_GAIN
Other gains or lossesLINE_14_OTHER_GAINS_OR_LOSSES
Taxable IRA distributionsLINE_15_TAXABLE_IRA_DISTRIBUTIONS
Taxable pensions and annuity distributionsLINE_16_TAXABLE_PENSIONS_AND_ANNUITY_DISTRIBUTIONS
Income from rentals, royalties, S Corporations and Schedule E (not included above and subject to NIIT)LINE_17_INCOME_FROM_SCHEDULE_E
Income from rentals, royalties, S Corporations and Schedule E (not included above and not subject to NIIT)LINE_17_INCOME_FROM_SCHEDULE_E2
Farm income or loss (Schedule F)LINE_18_FARM_INCOME_OR_LOSS
Unemployment compensationLINE_19_UNEMPLOYMENT_COMPENSATION
Taxable Social Security benefitsLINE_20_TAXABLE_SOCIAL_SECURITY_BENEFITS
Other incomeLINE_21_OTHER_INCOME
Total incomeLINE_22_TOTAL_INCOME
Adjusted Gross Income
Educator expensesEDUCATOR_EXPENSES
Certain business expenses (form 2106)CERTAIN_BUSINESS_EXPENSES
Health Savings Account (HSA) deduction (form 8889)HEALTH_SAVINGS_ACCOUNT
Moving expenses (form 3903)LINE_26_MOVING_EXPENSES
Self-employment tax deduction (Schedule SE)LINE_27_ONEHALF_OF_SELFEMPLOYMENT_TAX
Self-employed SEP, SIMPLE and qualified plansLINE_29_KEOP_AND_SELF_EMPLOYED_SEP_AND_SIMPLE_PLANS
Self-employed health insurance deductionLINE_28_SELFEMPLOYED_HEALTH_INSURANCE_DEDUCTION
Penalty on early withdrawal of savingsLINE_30_PENALTY_ON_EARLY_WITHDRAWAL_OF_SAVINGS
Alimony paidLINE_31_ALIMONY_PAID
IRA deductionLINE_23_IRA_DEDUCTION
Student loan interest deductionSTUDENT_LOAN_INTEREST_DEDUCTION
Based on a modified AGI of MAGI_STUDENT_LOAN_INTEREST_DEDUCTION and total allowable student loan interest of LINE_24_STUDENT_LOAN_INTEREST_DEDUCTION
Tuition and fees deduction (Form 8917)ADJUSTED_TUITION_FEES_DEDUCTION
Based on a modified AGI of MAGI_STUDENT_LOAN_INTEREST_DEDUCTION and total allowable tuition and fees of TUITION_FEES_DEDUCTION
Domestic production activities deduction (form 8903)DOMESTIC_PRODUCTION_DEDUCTION
Total adjustmentsLINE_32_TOTAL_ADJUSTMENTS_23_THROUGH_31
Adjusted gross income (AGI)LINE_33_ADJUSTED_GROSS_INCOME
Tax
65 or older?LINE_35A_YOU_WERE_65_OR_OLDER
Blind?LINE_35A_BLIND
Spouse 65?LINE_35A_SPOUSE_WAS_65_OR_OLDER
Spouse blind?LINE_35A_BLIND_SPOUSE
Total checked aboveLINE_35A_TOTAL_CREDITS
Married filing separatelyLINE_35B_MARRIED_FILING_SEPARATELY
Itemized deductionLINE_36_ITEMIZED_DEDUCTIONS
Can someone claim you as a dependent?LINE_36_CAN_SOMEONE_CLAIM_YOU_AS_A_DEPENDENT
Standard deductionLINE_36_STANDARD_DEDUCTION
Deduction to use (higher of Standard deduction and Itemized deduction)LINE_36_DEDUCTION_TO_USE
Deduction for exemptionsLINE_38_DEDUCTION_FOR_EXEMPTIONS
Taxable incomeLINE_39_TAXABLE_INCOME
Tax*LINE_40_TAX
Alternative Minimum Tax (AMT)LINE_51_ALTERNATIVE_MINIMUM_TAX
Total with AMTLINE_42_TOTAL
Credits
Foreign tax credit (form 1116)LINE_46_FOREIGN_TAX_CREDIT
Credit for child and dependent care credit expenses (form 2441)LINE_41_CREDIT_FOR_CHILD_AND_DEPENDENT_CARE_EXPENSES
Education credits (form 8863, line 23)LINE_44_EDUCATION_CREDITS
Retirement savings contributions credit (form 8880)NEW_48_RETIREMENT_SAVINGS_CREDIT
Child tax creditLINE_43_CHILD_TAX_CREDIT
Based on LINE_6C_DEPENDANTS_QUALIFYING_FOR_CHILD_TAX_CREDIT qualifying dependents.
Residential energy credits (Form 5695)LINE_45_ADOPTION_CREDIT
American opportunity credit (Form 8863, non-refundable portion)AMERICAN_OPP_NONREFUNDABLE
Other credits that are not refundableLINE_47_OTHER_CREDITS
Total credits that are non-refundableLINE_48_TOTAL_CREDITS
Total tax after creditsLINE_49_TOTAL_TAX_AFTER_CREDITS
Other Taxes
Self-employment tax (Schedule SE)LINE_50_SELFEMPLOYMENT_TAX
Unreported Social Security and Medicare tax (forms 4137 & 5329)LINE_52_SOCIAL_SECURITY_AND_MEDICARE_ON_TIPS_NOT_REPORTED
Additional tax on IRAs and other retirement plans (form 5329)LINE_53_TAX_ON_IRAS_AND_OTHER_RETIREMENT_PLANS
Household employment taxes (Schedule H) and Advanced earned income credit (W-2 box 9)LINE_55_HOUSEHOLD_EMPLOYMENT_TAXES
First time home buyer credit repayment (Form 5405)LINE_55B
Medicare tax sur-tax on earned income (Form 8959)MEDICARE_INCOME_SURTAX (MEDICARE_INCOME_RATE X MEDICARE_INCOME_AMT)
Net Investment Income Tax (NIIT) (Form 8960)MEDICARE_UNEARNED_SURTAX (MEDICARE_UNEARNED_RATE X MEDICARE_UNEARNED_AMT)
Total other taxesTOTAL_OTHER_TAXES
Total tax before refundable creditsTOTAL_TAX_BEFORE_REFUNDABLE_CREDITS
Refundable Tax Credits
Earned income creditLINE_59_EARNED_INCOME_CREDIT
Non-taxable combat payNONTAXABLE_COMBAT_PAY
Reduction for Scholarships, penal income, and retirement incomeEIC_INCOME_REDUCTION
Number of qualifying childrenLINE_6C_DEPENDANTS_QUALIFYING_FOR_EARNED_INCOME_CREDIT
Lived in the U.S?LIVED_IN_THE_US
Qualified child of another?QUALIFYING_CHILD_OF_ANOTHER
Age 25 to 65?VALID_AGE_RANGE
Additional child tax credit (form 8812)ADDITIONAL_CHILD_TAX_CREDIT
American opportunity credit (Form 8863, line 14 refundable portion)AMERICAN_OPP_REFUNDABLE
Other credits that are refundable, including credit for prior year AMT (Form 8801) and other refundable credits and paymentsLINE_63_OTHER_PAYMENTS
Total refundable creditsTOTAL_REFUNDABLE_CREDITS
Total Tax Due and Tax Payments
Total taxLINE_56_TOTAL_TAX
Federal income tax withheld on Forms W-2 and 1099LINE_57_FEDERAL_INCOME_TAX_WITHHELD
Estimated tax payments and amount applied on last year's returnLINE_58_2000_ESTIMATED_TAX_PAYMENTS
Excess Social Security and RRTA tax withheldLINE_62_EXCESS_SOCIAL_SECURITY_AND_RRTA_TAX_WITHHELD
Any other payments including amount paid with request for extensionLINE_61_AMOUNT_PAID_WITH_FORM_4868
Total paymentsLINE_64_TOTAL_PAYMENTS
REFUND_OR_OVERPAYMENT_TEXTREFUND_OR_OVERPAYMENT_AMT
*Any amount you enter as a short-term capital gain is taxed as normal income. Any amount you enter as a long-term capital gain or dividend is taxed as follows:

  • 0% if your ordinary income marginal tax rate is 10% or 15%
  • 15% if your ordinary income marginal tax rate is greater than 15% and less than 39.6%
  • 20% if your ordinary income marginal tax rate is 39.6%
  • This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).

For more information on capital gains tax rates and how they are applied, you may wish to read IRS Publication 17: Your Federal Income Taxes.

1040 Tax Calculator Definitions

Federal Income Tax Rates:
Use the table below to assist you in estimating your Federal 2014 tax rate.
Filing Status and Income Tax Rates 2014*
Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried Filing Separately
10%$0 - $18,150$0 - $9,075$0 - $12,950$0 - $9,075
15%$18,150 - $73,800$9,075 - $36,900$12,950 - $49,400$9,075 - $36,900
25%$73,800 - $148,850$36,900 - $89,350$49,400 - $127,550$36,900 - $74,425
28%$148,850 - $226,850$89,350 - $186,350$127,550 - $206,600$74,425 - $113,425
33%$226,850 - $405,100$186,350 - $405,100$206,600 - $405,100$113,425 - $202,550
35%$405,100 - $457,600$405,100 - $406,750$405,100 - $432,200$202,550 - $228,800
39.6%over $457,600over $406,750over $432,200over $228,800
*Caution: Do not use these tax rate schedules to figure 2013 taxes. Use only to figure 2014 estimates. Source: 2014 tax brackets http://www.irs.gov
Filing status
Choose your filing status. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.

Filing Status
Married Filing Jointly If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".
Qualified Widow(er) Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of Household This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married Filing Separately If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".

For 2014, the standard deductions are $12,400 for married couples filing jointly, $6,200 for married couples filing separately and singles, and $9,100 for heads of household.

Dependents
A dependent is someone you support and for whom you can claim a dependency exemption. In 2014, each dependent you claim entitles you to receive a $3,950 reduction in your taxable income (see exemptions below). You may also receive a tax credit of up to $1,000 for each dependent child under the age of 17. The credit is, however, phased out for at higher incomes.
Exemptions claimed
Each exemption you claim reduces your taxable income by $3,950 for 2014. You receive an exemption for yourself, your spouse and one for each of your dependents.
Short-term capital gain or loss
This is the total capital gain you realized from the sale of assets held less than one year. Any amount you enter as a short-term capital gain is taxed as normal income.
Long-term capital gain or loss
This is the total capital gain you realized from the sale of assets held one year or longer. Any amount you enter as a long-term gain is taxed using the following rules:
  • 0% if your ordinary income marginal tax rate is 10% or 15%
  • 15% if your ordinary income marginal tax rate is greater than 15% and less than 39.6%
  • 20% if your ordinary income marginal tax rate is 39.6%
  • This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).
Business income or loss (Schedule C & E subject to self-employment taxes)
Any income or loss as reported on Schedule C. If you have any income reported on Schedule E that is subject to self-employment taxes, that income should be entered here as well.
Spouse business income or loss (Schedule C & E subject to self-employment taxes)
Any income or loss as reported on a spouse's Schedule C. If your spouse has any income reported on Schedule E that is subject to self-employment taxes, that income should be entered here as well.
Income from rentals, royalties, S Corporations and Schedule E (not included above and subject to NIIT)
This type of investment income is subject to the 3.8% Net Investment Income Tax (NIIT). Generally speaking this is income from any businesses that are passive activities to the taxpayer, and not reported elsewhere (for example, do not include income subject to self-employment taxes). This could include income from rental real estate, royalties, partnerships, S corporations, trusts, etc. There are exceptions and additional rules that can impact whether a particular business or investment income is subject to the NIIT. Please contact your tax professional for additional information.
Income from rentals, royalties, S Corporations and Schedule E (not included above and not subject to NIIT)
This is all income from any businesses that are NOT passive activities to the taxpayer, where the taxpayer materially participates, and not reported else where (for example, do not include income subject to self-employment taxes). This amount is not subject to the 3.8% Net Investment Income Tax (NIIT). This could include income from rental real estate, partnerships or S corporations where as long as the income is considered non-passive. There are exceptions and additional rules that can impact whether a particular business or other investment income is subject to the NIIT. Please contact your tax professional for additional information.
Total income
Total income calculated by adding lines 7 through 21 on your form 1040. For most taxpayers this includes wages, salaries, tips, interest, dividends and gains and losses from a variety of activities.
Adjusted gross income
Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 33 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.
Taxable income
Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions.
Tax
This is the total federal income tax you owe for 2014 before any tax credits.
Total credits
Your total tax credits. This amount is subtracted from the total tax amount.
Total tax after credits
This is the total federal income tax you will need to pay in 2014.
Total other taxes
Any other taxes that you owe for 2014. This includes self-employment tax, alternative minimum tax, and household employment taxes.
Total tax
Grand total of your 2014 federal tax bill.
Total payments
Total of all tax payments made in 2014. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess Social Security tax withheld.


The Best Financial Calculators Anywhere!

Put them on your website!

© 1998-2014 KJE Computer Solutions, LLC
Financial Calculators at http://www.dinkytown.net
(612) 331-2291
1730 New Brighton Blvd. PMB #111
Minneapolis, MN 55413