Federal Income Tax Calculator: Estimate Your 2023-2024 Taxes

Use this free income tax calculator to project your 2023-2024 federal tax bill or refund based on earnings, age, deductions and credits.

Tax details

Think of this as your salary, or the sum of your wages and tips, plus any income from interest, dividends, alimony, retirement distributions, unemployment compensation and Social Security benefits.

A fixed dollar amount based on your income and tax filing status that reduces the amount you’re taxed on. Consider it tax-free income that you keep before taxes apply to the rest. Itemized deductions

IRS-allowed expenses that can directly reduce your taxable income. Consider this if your individual expenses add up to more than the standard deduction.

IRS-allowed expenses that can directly reduce your taxable income. Consider this if your individual expenses add up to more than the standard deduction.

The amount your employer takes out of your paycheck to pay to the government. If you pay estimated taxes for non-wage income, you can include the amount paid here.

Enter any eligible tax-deductible expenses or contributions not accounted for elsewhere (e.g., HSA contributions, student loan deduction, educator expense deduction).

A benefit that lowers your taxes owed by the amount of the credit. This calculator assumes credits entered are nonrefundable.

I am legally blind.

Federal income tax breakdown

We estimate you will get back

$0.00

About this income tax calculator

Sabrina Parys
Assistant Assigning Editor | Taxes, Investing

Sabrina Parys is an assistant assigning editor on the taxes and investing team at NerdWallet, where she manages and writes content on personal income taxes. Her previous experience includes five years as a copy editor and associate editor in academic and educational publishing. She is based in Brooklyn, New York.

Pamela de la Fuente
Assigning Editor | Consumer Credit, Taxes, Retirement, Underrepresented communities, Debt

Pamela de la Fuente leads NerdWallet's consumer credit and debt team. Previously, she led taxes and retirement coverage at NerdWallet. She has been a writer and editor for more than 20 years.

Pamela joined NerdWallet after working at companies including Hallmark Cards, Sprint Corp. and The Kansas City Star.

She is a thought leader in content diversity, equity, inclusion and belonging, and finds ways to make every piece of content conversational and accessible to all.

She is a graduate of the Maynard Institute's Maynard 200 program, and was a presenter at the National Association of Black Journalists convention in 2023. She is a two-time winner of the Kansas City Association of Black Journalists' President's Award. She is also a founding co-chair of NerdWallet's Nerds of Color employee resource group.

Pamela is a firm believer in financial education and closing the generational wealth gap . She got into journalism to tell the kind of stories that change the world, in big and small ways. In her work at NerdWallet, she aims to do just that.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Editor's Note:

Tax returns for 2023 were due by April 15, 2024. For those with a valid extension, the filing deadline is Oct. 15, 2024. If you haven't filed yet and didn't secure an extension in time, filing soon can help you minimize interest and penalties on an outstanding tax bill.

How to fill out this income tax calculator

Here's an overview of how to fill out the fields in our tax calculator:

Tax filing status: Choose from one of the four tax filing statuses available (single, head of household, married filing separately, or married filing jointly). Your filing status helps to determine which deductions and credits you can claim.

Annual gross income: In this calculator field, enter your total 2023 household income before taxes . Include wages, tips, commission, income earned from interest, dividends, investments, rental income, retirement distributions, unemployment compensation and Social Security benefits.

Age: Enter the age you were on Jan. 1, 2024. Your age can have an effect on certain tax rules or deductions. For example, people aged 65 or older get a higher standard deduction.

401(k) contributions: Enter any pre-tax contributions you made to a traditional 401(k) account in 2023. The maximum 401(k) contribution was $22,500 in 2023 ($30,000 for those 50 and older). These contributions may reduce your taxable income.

Traditional IRA: Enter contributions made to a traditional IRA. The IRA contribution limit in 2023 was $6,500 ($7,500 for those age 50 or older). You could have made a 2023 contribution until the tax filing deadline in 2024. An important note: Contributing to a traditional IRA may not have any immediate tax benefits if your income exceeds a threshold set by the IRS and you or your spouse are also covered by a 401(k).

Withheld: Enter how much your employer has withheld on your behalf, or how much you have paid in estimated taxes. If you're unsure, estimate. You will still get insights into how much you may owe.

Deductions: In the upper-left-hand corner of the tool, select either “standard deduction” or “itemized deductions.” Most Americans claim the standard deduction , which we’ve pre-filled. If you’re not one of them, change that number to the sum of your itemized deductions. (But exclude the 401(k) and traditional IRA contributions you previously entered.)

Tax credits: Enter how much you expect to claim in tax credits on your return. Common tax credits include the child tax credit, the child and dependent care credit, the earned income credit, the EV credit, and the American opportunity credit.

Other deductions and deferrals: In this field, enter any other contributions made throughout the year not accounted for elsewhere. In this section, you can also check whether you are legally blind — and if filing jointly, you can enter your spouse’s age if 65 or older as well as if they are legally blind. This can increase the standard deduction amount you’re entitled to.

Each individual's tax liability is influenced by their financial situation, as well as a number of other factors that may not be accounted for in this calculator. Quality tax software or a professional, such as a tax preparer or a CPA, can help you answer any questions about your specific tax situation.

Simple tax filing with a $50 flat fee for every scenario

With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. Plus, you'll get free support from tax experts. Sign up for access today.

for a NerdWallet account

How this tax calculator works

To estimate your taxable income, the calculator takes the gross income entered into the “income field” and then subtracts applicable deductions and adjustments, such as 401(k) contributions, HSA contributions, and your standard or itemized deductions. This, among other factors, determines taxable income.

Then, we apply the appropriate tax bracket and rate(s) based on taxable income and filing status to calculate what amount in taxes the government expects you to pay.

The United States taxes income progressively. Generally speaking, this means that your income is divided into portions called brackets, and each portion is taxed at a specific rate. High earners pay more in taxes, as portions of their income are subject to higher tax rates.

The calculator also takes into account tax credits, which can further reduce your bill.

If you have a simple tax situation and have filled out your W-4 correctly, taxes already withheld from your paychecks might cover that bill for the year. Likewise, if you’re a freelancer or a taxpayer who must pay estimated taxes, payments you made during the year might also cover your bill.

If it turns out that your tax withholding, payments, or any credits you qualify for did not cover your liability, you may need to pay the rest at tax time. If you’ve paid too much, you’ll get a refund.

The calculator’s default assumptions

This refund and return estimator assumes:

Tax credit amounts entered are assumed to be nonrefundable. Although a handful of credits can result in a refund of the overage, we do not account for this in our calculations.

The rules for whether a traditional IRA contribution is tax-deductible are complex, so this calculator assumes your IRA contributions are not tax-deductible if you already contribute to a 401(k).

Numbers entered in the “withheld” field include taxes withheld by your employer and/or any estimated taxes you have paid.

Note that this calculator does not take into account state income taxes , another type of income tax you may have to account for when filing your tax return.

Deciding how to take your deductions — that is, how much to subtract from your adjusted gross income, thus reducing your taxable income — can make a huge difference in your tax bill. But making that decision isn’t always easy.

The standard deduction is a flat reduction in your adjusted gross income . The amount is determined by Congress and meant to keep up with inflation. Nearly 90% of filers take it because it makes the tax-prep process quick and easy. People 65 or older are eligible for a higher standard deduction.

People who itemize tend to do so because their deductions add up to more than the standard deduction, saving them money. The IRS allows you to deduct a litany of expenses from your income, but record-keeping is key — you need to be able to prove, usually with receipts, that the expenses you’re deducting are valid. This means effort, but it might also mean savings.

Both reduce your tax bill but in different ways. Tax credits directly reduce the amount of tax you owe, dollar for dollar. A tax credit valued at $1,000, for instance, lowers your tax bill by $1,000.

Tax deductions , on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket. For example, if you fall into the 25% tax bracket, a $1,000 deduction saves you $250.

This could be a sign that you’re having too much tax withheld from your paycheck and living on less of your earnings all year. You can use Form W-4 to reduce your withholding easily now so you don’t have to wait for the government to give you your money back later

You can sign up for a payment plan on the IRS website. There are several to choose from, and they can provide peace of mind. Here’s how IRS installment plans work , plus some other options for paying a big tax bill .

Deciding how to take your deductions — that is, how much to subtract from your adjusted gross income, thus reducing your taxable income — can make a huge difference in your tax bill. But making that decision isn’t always easy.

The standard deduction is a flat reduction in your

adjusted gross income

. The amount is determined by Congress and meant to keep up with inflation. Nearly 90% of filers take it because it makes the tax-prep process quick and easy. People 65 or older are eligible for a higher standard deduction.

tend to do so because their deductions add up to more than the standard deduction, saving them money. The IRS allows you to deduct a litany of expenses from your income, but record-keeping is key — you need to be able to prove, usually with receipts, that the expenses you’re deducting are valid. This means effort, but it might also mean savings.

Both reduce your tax bill but in different ways. Tax credits directly reduce the amount of tax you owe, dollar for dollar. A tax credit valued at $1,000, for instance, lowers your tax bill by $1,000.

, on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket. For example, if you fall into the 25% tax bracket, a $1,000 deduction saves you $250.

This could be a sign that you’re having too much tax withheld from your paycheck and living on less of your earnings all year. You can use Form W-4 to reduce your withholding easily now so you don’t have to wait for the government to give you your money back later

You can sign up for a payment plan on the IRS website. There are several to choose from, and they can provide peace of mind. Here’s how

IRS installment plans work

, plus some other

options for paying a big tax bill

Other tax resources

Download the app

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

NerdUp by NerdWallet credit card: NerdWallet is not a bank. Bank services provided by Evolve Bank & Trust, member FDIC. The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc.

Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

NerdWallet Compare, Inc. NMLS ID# 1617539

California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812

Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses

NerdWallet™ | 55 Hawthorne St. - 10th Floor, San Francisco, CA 94105