Vanessa A
Expert Alumni

Get your taxes done using TurboTax

That depends on many factors including how much you earned, your filing status, if you have dependents, how much money you earned, if you are claimed as a dependent on someone else's return and credits you are eligible for. 

 

Your refund consists of your refundable credits plus your withholdings minus your tax liability.

 

To figure out your tax liability you start with your income.  If your only income is from work then this is all reported on line 1 of your 1040. If you have other income as well it is reported on lines 2 through 8 of your 1040 with line 9 being the total of all of your income.

 

You then will deduct your itemized or standard deduction from your total income to arrive at your adjusted gross income on line 12.  For most people this is the same as your taxable income which is on line 15.

 

Your tax bracket will then be used to determine your starting tax liability.  This is found on line 16 of your 1040. 

 

If you have nonrefundable credits, this will reduce your tax liability.  Your tax withholdings are found on line 25.  If you have a basic tax return, you will subtract your total tax on line 24 from your total withholdings on line 25 to arrive at your refund.

 

You can see your 1040 by clicking Tools>>Tax Tools>>View Tax Summary>>Preview My 1040.

 

 

 

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