Income Tax Calculator 2024
Estimate your federal income tax and refund. Updated for 2024 tax laws.
The purpose of tax deductions is to decrease your taxable income, which then decreases the amount of taxes you need to pay to the federal government. To help you reduce your taxable income, we've included the most common deductions.
For tax purposes, your adjusted gross income or AGI is essentially your total or gross income minus eligible deductions.
Credits differ from deductions and exemptions because credits reduce your tax bill directly. After calculating your total taxes, you can subtract any credits for which you qualify.
Some major tax credits are:
- Child tax credit
- Education credits
- Retirement savings contribution credit (Saver's Credit)
- Foreign tax credit
- Credit for child and dependent care expenses
- Residential energy credits
Tax Summary
Based on your inputs
This is an estimate based on 2024 tax laws. Actual results may vary.
Tax FAQs
The IRS issues most refunds in less than 21 calendar days from the day the tax return is processed. If you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) and expect to receive a refund, you'll have to wait until after mid-February to get it.
The standard deduction amounts for 2024 are:
- Single and Married Filing Separately: $14,600
- Married Filing Jointly: $29,200
- Head of Household: $21,900
The Child Tax Credit offers a maximum $2,000 per qualifying child. The maximum income (AGI) to receive the full credit varies depending on filing status:
- Single: $200,000
- Married filing jointly: $400,000
- Head of household: $200,000
- Married filing separately: $200,000
E-Filling Services
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- Form 1040 U.S. Individual Income Tax Return
- Form 1040ES Estimated Tax Vouchers
- Form 1040ESNR Estimated Tax Vouchers For Nonresident Alien Individuals
- Form 1040NR U.S. Nonresident Alien Income Tax Return
- Form 1040SS U.S. Self Employment Tax Return
- Form 1040V Payment Voucher
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- Form 8867 Paid Preparers Due Diligence Checklist
- Form 8948 Preparer Explanation for Not Filing Electronically
- Form 8949 Sales and Other Dispositions of Capital Assets
- Schedule D Capital Gains and Losses
- Schedule E Supplemental Income and Loss
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- Schedule C Profit or Loss From Business For Statutory Employees
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