What does the H&R Block tax calculator tell a person about their taxes?


Quick Answer

The H&R Block online tax calculator takes a taxpayer's information, such as filing status, income and expenses, and provides an estimate of the taxpayer's tax liability and expected refund, states H&R Block. The personal information includes the taxpayer's age, spouse's age if married filing jointly, and number of dependents.

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Full Answer

The calculator starts with an estimated refund of zero dollars and refines the results as it gets more information, as shown on the H&R Block tax return calculator. The income section of the calculator asks for total wages and withheld taxes as reported on a W-2, as well as interest and dividend income, and any state refund. It also asks for self-employment income, capital gains or losses, rent and royalty income, Social Security income and any other type of income.

The expenses section on the H&R Block calculator asks for state income taxes paid, sales taxes, real estate taxes and mortgage interest as reported on form 1098. It also asks for deductible expenses such as charitable donations, job expenses and tax preparation fees, child care expenses, and educational expenses such as student loan interest paid and undergraduate degree program expenses, and other expenses.

At the last section, the calculator presents a summary of the taxpayer's taxable income, taxes withheld, credits and the expected refund or amount owed. The last section also offers advice based on specific information about the taxpayer, and an opportunity to return to previous sections to review and modify.

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