Q:

How do you use the H&R Block tax estimator?

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Quick Answer

The H&R Block tax estimator calculates your income, expenses and deductibles to determine the approximate amount of taxes you owe or should be refunded, notes H&R Block. The estimator can be used on the company's website or with a tax professional in person.

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Full Answer

To use the H&R Block tax estimator, complete a series of four steps. The first step is to submit your filing status, age and number of claimed dependents. The second step records your income details from the previous year found on your W-2. In this step, include information such as the amount of federal income tax withheld that year, any Social Security benefits you may have accrued or any combat pay you may have earned. You have the option to include details from more than one W-2 form, states H&R Block.

The third step of the process is to report any expenses from the previous year, such as charitable donations, child care expenses, undergraduate degree expenses or post-secondary tuition expenses. Finally, the tax estimator determines your taxable income and estimates a tax return amount. H&R Block claims that this tool should be used for general estimates and that tax professionals can assist in providing more accurate return amounts.

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