Users enter information into a tax refund calculator about family status, income, expenses and taxes paid to determine the amount of their tax refunds, according to H&R Block. The calculator then determines the amount of taxes that they owe or were overpaid. A similar tax calculator is available at TaxAct.com.Continue Reading
The H&R Block tax refund calculator and estimator is based on information from a person’s W-2, according to the H&R Block website. The calculator is divided into four sections. The first section requires information about age and family status. The next section collects information from the person’s W-2, including total wages and income tax withheld. Users must also enter wages from other sources, such as those from interest, self-employment, capital gains and Social Security.
In the next section, users enter information about expenses, notes H&R Block. A few examples of expenses include state taxes, mortgage interest, donations to charity, childcare expenses and job expenses. Users can also use this section to note any education-related expenses.
The fourth section of the calculator displays the taxes owed or refund due within a yellow banner, according to the H&R Block website. Below the banner is a breakdown of the results into taxable income, credits and payments sections. From this page, users may save their data, file a tax return or find an H&R Block office.Learn more about Income Tax