This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back?

lacorshaj — Sat, 02 Jan 2021 02:01:04 GMT

Re: This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back?

NCperson — Sat, 02 Jan 2021 02:04:28 GMT

that is why you fill out a tax return - it will calculate how much you get back (or owe)

what your employer withholds is just a 'best estimate' based on rules the IRS sets.

The tax return calculates the actual result.

the difference is what you get back or owe.

Re: This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back?

xmasbaby0 — Sat, 02 Jan 2021 02:12:46 GMT

@lacorshaj You will not be able to determine that until all of your information has been entered. Employers have until February 1 to issue your W-2(s), and many of the other tax documents you may be getting like 1098's or 1099's will not arrive or be available until January or even February. So you wait until ALL of it has been entered and the "refund monitor" on screen will show your tax refund or tax due (meaning how much you owe), and more importantly -- you will be able to see your refund or tax due on your tax return --federal Form 1040 and your state return (if you are in a state that has a state income tax).

If you are getting a federal tax refund it will be on line 34. If you owe federal tax it will be on line 37 and has to be paid by April 15, 2021.

Since this is your first time to prepare a tax return, please ask questions here in the forum if anything confuses you. It is way better to ask questions and prevent mistakes than to file an incorrect return and then have to go through the aggravation of amending! Mistakes are a lot easier to fix BEFORE you file the return! Happy New Year!

topic This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back? in After you file

This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back?

Re: This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back?

Re: This is my first year filing my own taxes, I haven’t paid yet but how do I know how much I’ll be getting back?