1040EZ Tax Refund Calculator

US 1040EZ tax form help

Estimate your tax liability

1040EZ is a simplified IRS form used by low income taxpayers to estimate their tax obligations for the year. Working out tax filings can be difficult and having a calculator can help you assess your potential tax payments easily. Simply select your filing status for the year and a few other minor details to evaluate your taxes. Based on your projected withholdings, you can then see how much of a refund you may be entitled to, or if you may owe anything to the IRS when April comes around.

Let’s begin by reviewing what this calculator may be used for, and then progress on to how you may actually use it.

Filing your taxes
When it comes to taxes no one is keen on the process, but being armed with the right knowledge can save you money when it comes time to file. There are three different personal income tax forms to choose from; 1040, 1040A, and 1040EZ. Each of these forms is designed differently to get the IRS the right amount of money for tax filings. However, not paying attention to the minor differences can cost you.
If you earn less than $100,000 per year, you don’t claim for any dependents and you are either single or claiming as a married couple, you may be able to use the 1040EZ form to file your taxes.
1040EZ is the simplest and easiest form, while 1040A is a bit more complex, and the long form 1040 is the most lengthy and detailed. Generally, the thought is the simpler your tax life, the simpler the form you should fill out. However, the longer the form is the more opportunities you have for tax breaks, deductions, and credits there are, so it may be worth examining your options.
Please continue reading for more detailed information on your taxation options.
Who should use the 1040EZ tax form?
In order to use the 1040EZ tax form you should have a moderate to low income of less than $100,000 and not have any children or dependents. This would place you in the category of having a simplified tax situation. It is also most likely to be the first tax form anyone fills out – as it appeals to individuals just starting out in the workforce and with basic taxation affairs. However, it can be easy to over pay on taxes by using the 1040EZ short form because it doesn’t offer some valuable tax breaks found on the other forms.
For instance, interest paid on certain loan types (like student loans) can be subtracted from your income using the 1040A form. If you are contributing or just started using a retirement savings account (that is not through an employer) this can only be deducted using one of the longer forms. Just these small differences alone can put you into a lower tax bracket, before taking into account any other personal exemptions or other credits offered.
There are further deductions on the 1040A form for lifetime learning tax credits, which you may credit dollar for dollar any courses taken to improve your job skills that were not reimbursed by your employer. While the only tax credit on the 1040EZ is the earned income tax credit that is available only to certain individuals. Taking a quick look at the longer forms can save you a lot of money on your taxes.
See below for a more in depth comparison of who should file each form:
 

You should file 1040EZ, if:

You should file 1040A, if:

You should file 1040, if:

 

Your filing status is:
Single, or
Married filing jointly

 

Your filing status is:
Single
Married filing jointly OR separately
Qualifying widow
Head of household

 

Your filing status is:
Single
Married filing jointly OR separately
Qualifying widow
Head of household

You and your spouse are younger then 65

No age restriction

No age restriction

You have no dependants

You have dependants

You have dependants

Your income, or combined income, is less then $100,000

Your taxable income is less then $100,000

Your taxable income is $100,000 or more

You do not itemize deductions

You will not claim any adjustments to your income.

You do not itemize deductions

Your only adjustments to income are for retirement accounts, student loans, educator expenses, and tuition and fees deductions.

You itemize deductions, claim certain tax credits, and claim adjustments to your income.

You income is only from wages, tips, salaries, unemployment compensation, scholarships or fellowship grants and your interest income is less then $1,500.

Your income is only from wages, salaries, tips, scholarships or fellowship grants, interest, dividends, capital gains distributions, pensions, annuities, IRAs, unemployment compensation, or social security.

You have income from sources such as unreported tips, non-taxable distributions, self-employment earnings, or income received as a partner; you are a shareholder of an S corporation, or you are the beneficiary of an estate.

Your tips are included on your W-2 in boxes 5 and 7

 

You owe household employment taxes

Potential tax credits/breaks:

Earned income tax credit

The 1040EZ is only appealing because it is the quickest and easiest form, but does not offer many tax credits and does not allow any tax deductions.

Therefore, if you have absolutely nothing to claim, this form is easy and hassle free.

Potential tax credits/breaks:

Earned income tax credit

IRA deductions

Child credits

Additional child credits

Dependant care credits

Student loan interest deduction

Educator expenses deduction

Elderly or disabled credit

Retirement savings contribution credits

It is appealing because it offers much more tax credits then the 1040EZ form, but is still somewhat limited, and does not allow itemized tax deductions.

If you have more to claim and think you should have more credits, the 1040 long form may be for you.

Potential tax credits/breaks:

Earned income tax credit

IRA deductions

Child credits

Additional child credits

Dependant care credits

Student loan interest deduction

Educator expenses deduction

Elderly or disabled credit

Retirement savings contributions credits

Business expenses

Medical expenses

Charitable contributions

Home mortgage points

Interest expenses

Work-related educational expenses

Deductible taxes

Disaster, casualty, and theft losses.

 

 

Once you have established which tax form is best suited to your circumstances, the next step is to fill out your information and find which tax bracket you fall into.
What are the tax brackets for 2017?
Taxpayers will fall into one of seven marginal tax brackets depending on their taxable income. The table below displays the tax brackets according to filing status, which the IRS adjusts for inflation each year. The latest adjustments are reflected in the table below for 2017 filings, for taxes due on April 17th, 2018.
 

Tax rate

Status: Single

Status: Head of household

10%

Up to $9,325

Up to $13,350

15%

$9,325 to $37,950

$13,351 to $50,800

25%

$37,951 to $91,900

$50,801 to $131,200

28%

$91,901 to $191,650

$131,201 to $212,500

33%

$191,651 to $416,700

$212,501 to $416,700

35%

$416,701 to $418,400

$416,701 to $444, 550

39.6%

$418,401 and up

$444,551 and up

 

Tax rate

Status: Married jointly or widow

Filing: Married filing separately

10%

Up to $18,650

Up to $9,325

15%

$18,651 to $75,900

$9,326 to $37,950

25%

$75,901 to $153,100

$37,951 to $76,550

28%

$153,101 to $233, 350

$76,551 to $116,675

33%

$233,351 to $416,700

$116,676 to $208,350

35%

$416,701 to $470,700

$208,351 to $235,350

39.6%

470.701 and up

$235,351 and up

How to use the calculator
The US 1040EZ tax refund calculator is very straightforward to use and is designed to show you how much tax you may owe before you take the time to fill in the form officially. It requires some basic information about your filing status and income details to generate an accurate report. The calculator is comprised of two parts: an information intake and integrated results. Within the information intake is two subsections: your filing status and income details, and earned income credit eligibility. Let’s review these details together.
Filing status and income
1. On the first line of the calculator, using the drop down menu feature, select your filing status as single or married jointly filing.
2. Then on the second line of the calculator, using the drop down menu feature, you may identify if you or your spouse are someone’s dependent.
3. Next, you should add your wages, salary, tips, and total taxable income to the third line of the calculator.
4. If you received any interest that is subject to income taxes include the dollar amount on the fourth line of the calculator, using this form you are entitled to $1500 of taxable interest payments.
5. Any unemployment compensation may be added to the fifth line of the calculator.
6. To conclude this section, document the total federal income tax that you expect to have withheld from your pay throughout the year. If you have already made tax payments via your employer or made tax payments on your own behalf, these will be taken off the total amount that you need to pay. You may also be eligible for taxation credits – but this form only allows you to claim for work pay tax credit and the earned income credit. If you have any other form of tax credit you will have to use the other form. If you have overpaid your tax credits, you will be entitled to a tax refund, if you have underpaid, you owe tax and will need to pay it when you submit your form.
7. Click on the title “Earned income credit (EIC)” to expand the next information intake.
Earned income credit (EIC)
1. If you and your spouse are between the ages of 25 and 65, check off the first box.
2. If you or your spouse can be claimed as someone’s dependent, check off the second box.
3. Finally, if you or your spouse have lived in the US for 6 months or more, select the third box.
Once the applicable fields are completed, you may view your integrated results in the form of information prompts and summaries.
Your tax refund results
1040ez refund
Immediately to the right of the information intake you will receive a prompt on your total income, standard deduction, deduction for exemptions, taxable income, and value of your earned income credit if you qualify. If any of this information looks incorrect double check the information you provided.
1040ez estimate
Next, below the information intake you may see what your estimated tax owing or refund is, while a more comprehensive summary of your information is provided in the calculation summary.
1040ez chart
The calculation summary tab provides a comprehensive review of your filing status, income, deductions, taxable interest, and tax owing. You may scroll to see more information and expand or contract any columns for better viewing.
You can use our calculator at any time of the year to gain a better understanding of how your tax savings are going and if you have paid enough tax by the end of the financial year. Alternatively, the calculator can help to ensure that you are not overpaying your taxes – as this will mean lost interest on savings.
Remember to bookmark our US 1040EZ tax refund calculator and save it to the home screen of your smart phone or tablet so that you can access this great tool instantly. Using the share feature, you can promote us on social media and help others solve their tax questions!