Q:

How do you use the TaxACT calculator?

A:

Quick Answer

To use the TaxAct calculator as of 2015, input your taxpayer information into the four separate areas of the site using the tabs at the top of the landing page. This includes taxpayer status, income, deductions and credits, as explained on TaxAct.com. TaxAct then provides an estimate of your income-tax refund or taxes owed.

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Full Answer

On the Basic Info tab, choose your marital status, and indicate whether you are the head of a household or a qualifying widower, TaxAct explains. Input your age and whether you have any dependents or can be claimed as a dependent on someone else's tax return. Click Continue to proceed to the next section.

In the income section of the calculator, indicate all sources of income, such as taxable wages, net income or loss from a business, interest income and unemployment income, TaxAct shows. Click the Additional Income button to add other types of income, such as Social Security benefits, dividends, taxable pensions, capital gains and state income tax refunds. Enter the amount of federal income tax withheld from your wages and any additional payments you made on your taxes. TaxAct keeps a running total of your return along the upper-right side of the screen.

Input deductions, such as student loan interest, medical expenses, mortgage interest and charitable contributions in the Deductions section, notes TaxAct. Then, proceed to the Credits tab to calculate child care expenses, college education expenses and energy-saving improvements to your home. This calculator serves as an estimate; your tax return may change once you input your information into official tax forms.

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