If your finances are uncomplicated, you don't need to use a form to help you estimate your taxes, but it helps to keep you organized. If you are doing your taxes using the paper form method as opposed to the online form method, you will need to use the tax tables to calculate your total tax bill. The chart that the IRS provides is simple to read, and is organized by income level.
1. Retrieve your 1099 forms, W-2 forms, and any other forms that prove your income for the year.
2. Add up your total wages and salary using the 1099 or W-2 forms as a reference. Unemployment compensation is also considered income and must be included.
3. Add any interest or other earnings you made that year to your income. This includes interest from banks, loans, and savings accounts.
4. Subtract your deductions to see your taxable income amount.
5. Add up any withheld taxes or credits. This is your total payments and credits.
6. Look at the current tax table to find your income and the corresponding tax amount you must pay.
7. Subtract your tax amount from your total payments and credits to see your tax refund amount.
Items you will need
- W-2 forms/1099 forms
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