Free 1040 EZ Tax Estimate Calculator
Try our Free Tax Estimate Calculator for the 1040EZ Tax Form.
The 1040EZ Tax Form is the basic form used by the IRS for those income taxpayers who don't require the craziness of the full 1040 tax long form.
You can use our simple 1040EZ Calculator to choose your tax filing status and then just enter a some other basic information and be able to estimate your 2011 taxes.
Using our Free Tax Estimate Calculator, you then enter your projected tax withheld for the year and click "View Report" and you'll see either your refund due or the amount you could owe the IRS when you file your taxes by April 17th, in 2012.
1040EZ Tax Form (Tax Year 2011)
The 1040EZ form is the basic IRS tax filing for those of you who don't have a complicated financial life with a bazillion potential tax deductions and therefore you do not need to use the long 1040 tax form. Just choose your tax filing status and fill in a few other fields and our Tax Estimate Calculator can estimate your total taxes due for 2011.
Includes Free Report Too
In addition, based on your projected withholdings for the year, we also provide a free report with our Tax Estimate Calculator that you can print out that shows either the amount of any refund due to you -- or whatever amount you might owe the owe the IRS by April 17th, 2012.
Tax Estimate Calculator Definitions
- 2011 Tax rates:
- Below are the resulting tax rates and income ranges for 2011
| 10% |
$0 - 17,000 |
$0 - 8,500 |
$0 - $12,150 |
$0 - 8,500 |
| 15% |
$17,000 - 69,000 |
$8,500 - 34,500 |
$12,150 - 46,250 |
$8,500 - 34,500 |
| 25% |
$69,000 - 139,350 |
$34,500 - 83,600 |
$46,250 - 119,400 |
$34,500 - 69,675 |
| 28% |
$139,350 - 212,300 |
$83,600 - 174,400 |
$119,400 - 193,350 |
$69,675 - 106,150 |
| 33% |
$212,300 - 379,150 |
$174,400 - 379,150 |
$193,350 - 379,150 |
$106,150 - 189,575 |
| 35% |
over $379,150 |
over $379,150 |
over $379,150 |
over $189,575 |
Source: http://www.irs.gov
- Filing Status
- For the 1040EZ there are two filing status options: Either "Married Filing Jointly" or "Single." To file using a different tax status, you need to use one of the other tax filing forms such as the 1040 or 1040a.
The table below summarizes the five possible filing status choices, including the two that are available for the 1040EZ. When using this tax estimate calculator, it is important to understand that your marital status as of the last day of the year determines your filing status.
| Filing Status for 2011 |
| Married Filing Jointly | If you're married, you can file a joint return with your spouse. If your spouse died during the tax year, you can still file a joint return for that year. If you'd rather, you can decide to file separately under the status "Married Filing Separately". |
| Qualified Widow(er) | Generally, to qualify for this status, your spouse must have died during the previous (not current) tax year and you and your spouse filed a joint tax return in the year immediately prior to their death. Further, you are also required to have at least one dependent or step child for whom you are the primary provider. |
| Single | If you are unmarried, divorced or legally separated -- as of the last day of the year -- you should use this filing status. |
| Head of Household | Unmarried individuals that pay for more than half of the cost to keep up a home should use this status. This home needs to be the primary home of the income tax filer and at least one qualifying relative. You also qualify for this status if you are married but didn't live with your spouse at all during the last six months of the tax year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you. |
| Married Filing Separately | If you are married, you and your spouse can also choose to file separate returns. |
- Dependent Status
- A dependent is a person you support and for whom you can claim a dependency exemption. In this case, you need to select the dependent status for you and your spouse. In 2011, you receive a $3,700 reduction in your taxable income for yourself and another $3,700 reduction for your spouse if no one else can claim either of you as a dependent.
- Wages, Salaries, Tips, etc.
- This is simply total income you received from wages, salaries and tips. The 1040EZ calculator does not support other types of income. If you have income from other sources you may need to use the 1040 (Long) Tax Form.
- Unemployment Compensation
- If you collected any unemployment compensation, it is considered taxable income. Enter the total amount of Unemployement Compensation that you received here.
- Taxable Interest
- If you received any interest that is subject to income taxes, enter the total amount of taxable interest received here.
- Standard Deduction
- This is a standard amount, which varies by your filing status and you are allowed to deduct this amount from your income before calculating your income tax.
- Taxable Income
- This is your total taxable income. It is calculated as your total income minus your standard deduction and your deduction for exemptions.
- Earned Income Credit
- If you qualify for earned income credit, we'll automatically calculate the amount. Please note that this calculator doesn't take into consideration the impact of scholarships, penal income and retirement income on your Earned Income Credit (EIC).
- Federal Income Tax Withheld
- Enter the total of all federal income tax that you expect to have withheld from your pay throughout the year. We'll use this amount to calculate your total refund or amount you may owe the IRS.
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We hope you enjoyed using our Free Tax Estimate Calculator.
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