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How to estimate tax refund now...?
My salary changed drastically this year. I got a divorce, and I am having a lot of extra money withheld. Is there some way I can estimate/calculate my current tax refund status so that I can adjust my withholding for the rest of the year? I don't want to owe, but I think I am having way too much withheld. I work an extra job, so the withholding is kind of complicated.
Thanks for any advice. I could annualize my earnings and withholding based on my most recent check, but I am not sure where I can plug all those numbers in to get an estimate of my tax liability. I live in Texas which has no state income tax.
*** But it is September of 2020. Can I fill out a 1040 for 2020? Are those forms available yet? Obviously I would not be filing, just "running the numbers". Thanks
*** But it is September of 2020. Can I fill out a 1040 for 2020? Are those forms available yet? Obviously I would not be filing, just "running the numbers". Thanks
6 Answers
- Max HooplaLv 77 months agoFavorite Answer
Estimate what your income is going to be for the rest of the year then add it to what you have and prepare IRS Form 1040-ES which will tell you what you are going to owe. The difference between that and what you have paid in already is what you need to pay for the rest of the year.
- Anonymous5 months ago
You cannot do that
- Anonymous7 months ago
Use the 2019 forms. Use form 1040-ES to get the current deduction ($12,400) amount and tax rates. Most everything else should be the same. Forms are available at
https://apps.irs.gov/app/picklist/list/formsPublic...
You are wise to do this now and figure out if you are on target, would owe or get a huge refund.
- A HunchLv 77 months ago
The updated 2020 W4 form is completely new and has 2nd job information on it.
If you are working multiple jobs and have not updated your W4 at all the jobs, you should have.
"I got a divorce, and I am having a lot of extra money withheld."
- Filing single will have more money withheld than filing married or HOH.
The US has a progressive tax system. If you are only concerned about your W2 income (not investment income or itemized deductions):
- add your income.
- remove your deduction (standard deduction or guesstimate of itemized deduction)
= look at a tax bracket chart to calculate your income.
- Anonymous7 months ago
"but I am not sure where I can plug all those numbers in to get an estimate of my tax liability."
That would be a 1040 tax return form - available on the IRS website. Tax tables are in the instructions for the form.
ETA: You just use the form to run the numbers. Tax rates haven't changed from 2019 to 2020. You can use the 2019 form if the 2020 isn't published yet.