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In its simplest form, tax returns are issued when the amount of money being withheld from your paycheck for taxes exceeds the amount you owe the IRS. When this happens, you are due a tax return from the government. Conversely, you may owe if the money you withheld is too low. By entering your information in the 6 steps of the tax calculator below, Liberty Tax® will calculate your estimated 2018 federal tax refund or amount due for the 2017 tax year, and then help you file your return with ease.
You may claim the status Single if any of the following was true on December 31, 2017
A husband and wife may file a joint return even if only one have had income or if they did not live together all year. If you file a joint return, both you and your spouse are generally responsible for the tax and any interest or penalties due on the return. This means that if one spouse does not pay the tax due, the other may have to.
Married Filing Separately
If you are married and decide to file a separate tax return, you will usually pay more tax than if you use another filing status that you qualify for. Also, if you file a separate return, you cannot take the student loan interest deduction, the tuition and fees deduction, the education credits, or the earned income credit. You also cannot take the standard deduction if your spouse itemizes deductions.
Head of Household This filing status is for unmarried individuals who provide a home for certain other persons. (Some married persons who live apart may also qualify. See IRS instructions for Head of Household Filing Status. Generally, you may claim the Head of Household status if as of December 31, 2017, you were unmarried or legally separated (according to your state law).
Qualifying Widow(er) You may claim Qualified Widower if all five of the following apply:
The Homebuyer Credit is available to either first-time homebuyers or homebuyers that are long-term residents. For tax year 2017, the credit is ONLY for persons that where on “Qualified Official Extended Duty”. You must of also of purchased on or after January 1, 2017, and close before July 1, 2017. However, you must have had a binding contract before May 1, 2017.
A First-time Homebuyer means you (and your spouse if married) did not own a home within three years prior of purchasing your home. The credit is either the smaller of $8,000 or 10% of the purchase price of the home.
A Long-Term Resident means the buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence. The credit is either the smaller of $6,500 or 10% of the purchase price of the home.
“Qualified Official Extended Duty Service” means service on official extended duty as a member of the uniformed services, member of the Foreign Service of the U.S., or an employee of the intelligence community. The extended duty is any period where taxpayer or spouse is 50 miles or more away from principal residence. The duty must be more than 90 days or for an indefinite period.
The following are other restrictions on purchases that apply to the credit:
*This Tax Calculator provides only an estimate of your tax refund or tax liability. It is not designed for use in preparing or submitting your tax returns and any such use is not authorized.