Tax Calculator - Overview

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on?

Enter data in only the white cells with gray borders:

$400
Use the drop down boxes Single
to choose tax filing status.

Interest
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Instructions
You may move from worksheet to worksheet by clicking on the dark blue buttons
located at the top of each worksheet or the blue tabs at the bottom of this workbook.

Quick Tax Estimator

Calculate your Federal Income Tax estimate with just a few keystrokes. The Tax Estimator takes into consideration all the necessary information
and rules as stated on the 2015 tax year 1040 form. Use the drop down box to choose your tax filing status and fill out all the white cells with
your information. If you are planning to take the Standard Deduction (see Itemized or Standard Deduction Calculator), make sure $0 is entered
into the Itemized Deduction cell. Standard Deduction, Exemption and Taxable income figures are calculated for you. Enter in your taxes paid
during 2015 to calculate your payment or refund.
Detailed Tax Calculator
The Detailed Tax Calculator works just like the Quick Tax Estimator but offers all the detailed categories listed on the form 1040.
Use the "Itemized or Standard Deduction Calculator" for further precision and to minimize your tax liability.
1040 Worksheet
The 1040 worksheet will help you double check your math for you so you don't make any costly errors when filling out your official tax form.
Make sure to use the Tax Estimator and the Itemized or Standard Deduction Calculator for the more complex calculations.
-Save a soft copy of all your 1040 tax information for future reference.
-Avoid careless calculation errors
-(Not to be submitted in place of the official IRS 1040 form)
Itemized or Standard Deduction Calculator
Make sure you are taking the appropriate deduction on your tax form. With this calculator, you'll find out which deduction work's best for you.
As in the Tax Estimator, use the drop down box to choose your tax filing status and fill out only the white cells with your information.
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W-4
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Detailed
Detailed
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Quick
Quick
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Quick Tax Estimator

Quick Tax Estimate

Tax Assumptions
Married Filing Jointly
Tax filing status
Number of filers over age 65
0
Number of personal exemptions (spouse, yourself)
2
Number of dependent children
1
Gross Annual Income
Adjustments (click here to view list)
Adjusted Gross Income (AGI)
Itemized deductions - (enter $0 for standard)
Standard Deduction
Exemption Dollars
Taxable Income
Other Credits (child, retirement, etc.)

$
$
$
$
$
$
$
$

60,000
3,000
57,000
10,225
9,900
36,875
1,000

Tax Estimate

3,609

Taxes Paid

4,500

Refund

891

$891

$4,500

$3,609

$-

$500

$1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500

Tax Estim ate

Taxes Paid

(Payment)/Refund

Results
Tax Estimate
Refund

$
$

3,609
891

Married Filing Jointly

Itemize
Itemize
dd or
or
Standar
Standar
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Detailed
Tax
Tax
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or

Quick
Quick
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Tax
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Estimat
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or

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Gross Annual Income
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Wages, salaries, tips, etc
Taxable interest
Ordinary dividends
Alimony received
Business income or (loss)

0
2
1
$
$
$
$

79,600
56,000
200
800

3,000

Social security benefits

Taxable Social security benefits
Other income

$
$

24,000
19,600

Adjustments
Educator expenses
IRA deduction
Student loan interest deduction

3,000

$
$

2,200
800

Capital gain or (loss)

IRA distributions
Pensions and annuities
Rental real estate, royalities, partnerships, trusts, etc.
Farm income or (loss)
Unemployment compensation

Adjusted Gross Income (AGI)

76,600

Itemized deductions - (enter $0 for standard)

10,225

Standard Deduction
Exemption Dollars
Taxable income

$
$
$

12,000
54,375

Tax Estimate

7,234

Tax Credits
Foreign tax credit
Credit for child and dependent care expenses
Credit for the elderly or the disabled
Education credits

1,000

500

Retirement savings contributions credit

Child tax credit
Adoption credit
Other Credits

500

Other Taxes

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Child
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Credit
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Tax filing status

Number of filers over age 65
Number of personal exemptions (spouse, yourself)

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Tax Assumptions

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Detailed Tax Calculator

Results
Refund

Self-employment tax
Taxes on tip income not reported to employer
Additional tax on IRAs, other qualified retirement plans
Advance earned income credit payments from Form(s) W-2
Household employment taxes
Total Tax

Tuition and fees deduction

Health savings account deduction. (Form 8889)

Payments
Federal income tax withheld from Forms W-2 and 1099

7,200

7,200

Moving expenses.(Form 3903)

One-half of self-employment tax
Self-employed health insurance deduction
Self-employed SEP, SIMPLE, and qualified plans
Penalty on early withdrawal of savings
Alimony paid

2015 estimated tax payments & amount applied from 2014

Earned income credit (EIC)
Excess social security and tier 1 RRTA tax withheld
Additional child tax credit
Other Payments
$

966

Refund
Adjusted Gross Income (AGI)

76,600

6,234

966

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Itemize
Itemize
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or
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Itemized vs Standard Deduction

Single

Quick
Quick
Tax
Tax
Estimat
Estimat
or
or

Dental and Medical Expenses

Medical expenses
Dental expenses
Total
Deductible Portion

0
0
57,000

$
$
$
$

5,000
160
5,160
885

$10,225
$10,000
$8,000

$6,300
$6,000
$4,000

Taxes You Paid

State and local income taxes
Real estate taxes
Personal property taxes
Other taxes
Total

$
$
$
$
$

1,400
1,500
1,000
3,900

Interest (Paid/Received)
Home mortgage interest and points
Investment interest and dividends received
Investment interest you paid

$
$
$

2,900
40
-

Total

2,940

Charitable Contributions
Cash contributions
"In-kind" contributions
"Carryover" contributions
Total

$
$
$
$

1,000
1,000
2,000

500

Gambling losses
Other

500

Total Itemized Deductions

10,225

Casualty and Theft Losses

Job Expenses and Most Other Miscellaneous
Unreimbursed employee expenses
Tax preparation fees
Investment expenses
Safe deposit box expenses
Deductible Portion

$12,000

Other Miscellaneous

$2,000
$-

Itemize Deduction

Standard Deduc tion

Results
Itemized or Standard Deduction?
Itemize
Standard
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Detailed
Tax
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Tax Assumptions
Tax filing status
Number of blind filers
Number of filers over age 65
Estimated AGI: (adjusted gross income)

1040
1040
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Itemized or Standard Deduction?

Itemized
$ 10,225
$
6,300

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Detailed
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Quick
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Schedule BInterest and Ordinary Dividends

Interest and Ordinary Dividends

Part I - Interest
Name of payer

Amount

Citibank Savings Interest

Bank of America Savings Interest

58.00

Citibank CD Interest
New York City Muni Bond

$
$

555.00
150.00

77.00

$1,800.00
$1,600.00
$1,550

$1,400.00
$1,200.00
$1,000.00
$800.00
$600.00

Total Interest

840.00

840.00

$400.00

Excludable interest (on series EE and I U.S. savings bonds issued after 1989.
Taxable Interest

Part II - Ordinary Dividends

$T otal Ordinary Dividends

Name of payer

Amount

MSFT
GM
ATT
MO
IBM

Total Ordinary Dividends

$840

$200.00

See Part III

$
$
$
$
$

700.00
300.00
250.00
200.00
100.00

1,550.00

Part III - Foreign Accounts and Trusts

Foreign Accounts
If at any time during 2015, you had an interest in or a signature or other authority over a financial account in
a foreign country, such as a bank account, securities account, or other financial account, see page B-2 for
exceptions and filing requirements for Form TD F 90-22.1
Foreign Trusts
During 2015, if you received a distribution from, or were the grantor of, or transferor to, a foreign trust, then
you may have to file Form 3520. See page B-2

T axable Interest

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Detailed
Detailed
Tax
Tax
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Quick
Quick
Tax
Tax
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Estimat
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Child Tax Credit Worksheet

Working Families Tax Relief Act of 2004 (HR1308)

Tax Credit Assumptions

Child Tax Credit. The child tax credit remains $1,000 per child through 2015

To be a qualifying child for the child tax credit, the child must be under age 17 at the end of 2015
Number of qualifying children

Number of qualifying children x $1,000

1,000

Form 1040, line 45 (Tax plus Alternative minimum tax)

4,500

Form 1040, line 46 (Foreign tax credit)

Form 1040, line 47 (Credit for child and dependent care expenses - Form 2441)

500

Form 1040, line 48 (Credit for the elderly or the disabled - Schedule R)
Form 1040, line 49 (Education credits - Form 8863)

1,500

Form 1040, line 50 (Retirement savings contributions credit - Form 8880)

2,000

Sum of Line 46-50

4,000

This is your Child Tax Credit

You may be able to take the additional child tax credit. See Form 8812.

500

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Deducti
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Detailed
Detailed
Tax
Tax
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Quick
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Tax
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Tax Withholding (Form W-4) Calculator

Personal Allowances

Married Filing Jointly

2

Tax filing status

Enter number of dependents (other than your spouse or yourself)

Total number of jobs in which you and your spouse are currently employed
Wages from Job #1

2
40,000

Wages from Job #2

20,000

60,000

Personal Allowances

Deductions, Adjustments & Credits

Estimated Itemized Deductions.
Standard Deduction

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Total Annual Income

Itemized Deductions less Standard Deduction

Adjustments to Income
click to view complete list
Tax Credits
click to view complete list
$
Estimate of your nonwage income (such as dividends or interest)
Deductions, Adjustments & Credits
Deduction, Adjustment & Credit Allowances (previous line divided by $3,500)

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10,225

12,600

$
$
1,500 x 6.7 = $
$
$

3,000
10,050
1,555
11,495
3

Results
Two-Earner/ Two-Job Allowance adjustment

-3

Total Allowances - Enter on Form 4-W, line 5

3
26

Results
Enter on Form 4-W, line 5 (Total Allowances)

Form

1040

Label
(See instructions
on page 12.)

Use the IRS label.

Department of the Treasury---Internal Revenue Service

2015

U.S. Individual Income Tax Return

LA
BE
L

(99)

.20

OMB No. 1545-0074

Your first name and initial

Last name

Your social security number

If joint return, spouses's name and initial

Last name

Spouse's social security number

Home address (number & street). If you have a PO box, see pg.16.

HE
RE

IRS Use Only - Do Not Write Or Staple in This Space

2015 ,ending

For the year Jan. 1--Dec. 31, 2015, or other tax year beginning

Important!

Apt. no.

You must enter

your SSN(s) above.

City, town or post office, state and ZIP code. If you have a foreign address, see page 16.

Otherwise, please
print
or type.

Presidential
page 16.)

Filing Status
Check only one
box.

Exemptions

You

Note: Checking "Yes" will not change your tax or reduce your refund.
Do you, or your spouse if filing a joint return, want $3 to go to this fund?

Election Campaign (See

1
2
3

. . . . . .

Single
Married filing joint return (even if only one had income)
Married filing separately. Enter spouse's SSN above and
full name here. u

Spouse
b
c Dependents:
(1) First name

Last name

Attach Form(s)
W-2 here. Also
attach Forms W2G and 1099-R if
tax was withheld.

Qualifying widow(er) with dependent child (See page 17.)

Boxes checked on
6a and 6b.

(3) Dependent's
relationship to
you

Adjusted
Gross
Income

No. of your children

on 6c who:
lived with you
did not live with

(4)

if qualifying
child for child tax
credit (See page 15)

you due to divorce or

separation (see page
18)
Depenedents on 6c
not entered above

8 a
b
9 a
b
10

. . . . . . . .
. . .
Wages, salaries, tips, etc. Attach Form(s) W-2.
. . .
Taxable interest. Attach Schedule B if required
. . .
Tax-exempt interest. Do not include on line 8a
Ordinary dividends. Attach Schedule B if required. . . . .. . . . ..
Qualified dividends (see page 20) . . . . . . . .
Total number of exemptions claimed

d
7

. .
. .
. .
. .
. .. ..

. . .
. . .
. . .
. 8b
. .. .. . ..
9b

13
14

Capital gain or (loss). Attach Schedule D if required. If not required, check here
Other gains or (losses). Attach Form 4797 . . . . . . . . .

15a
16a

$
$

8a

$
$

.-

25

b Taxable amount (see pg. 22)

b Taxable amount (see pg. 22)

26
27

Student loan interest deduction (see page 28)

Tuition and fees deduction (see page 29) . .

28
29
30

Health savings account deduction. Attach Form 8889

Moving expenses. Attach Form 3903 . . . .

. . . . .
. . . . .

. . . .
One-half of self-employment tax. Attach Schedule SE . . . .
Self-employed health insurance deduction (see page 30)
. .
Self-employed SEP, SIMPLE, and qualified plans . . . . .
Penalty on early withdrawal of savings . . . . . . . .

33
34 a Alimony paid b Recipient's SSN u
. . . . . . . . . . . .
35
Add lines 23 through 34a
This is your adjusted gross income
36
Subtract line 35 from line 22.
For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see page 75.

24
25
26
27
28
29
30
31
32
33
34a

13

15b
16b

$
$
$
$
$
$
$
$

. . . . . . . . .14 . .$ . . . .

Rental real estate, royalities, partnerships, S corporations, trusts, etc. Attach Schedule E.
Farm income or (loss). Attach Schedule F . . . . . . . . . . . .
Unemployment compensation
. . . . . . . . . . . . . .

Certain business expenses of reservists, performing artists, and

fee-basis government officials. Attach Form 2106 or 2106-EZ
IRA deduction (see page 26) . . . . . . . . .

31
32

$
. . . .. . . . .. . . . .. .9a. .

17
18
19

. . .
. . . .

$
20 a Social security benefits
20a
b Taxable amount (see page 24)
21
Other income. List type and amount (see page 24).
Add the amounts in the far right column for lines 7 through 21. This is your total income u
22
Educator expenses (see page 26). . . . . . . . .
$
23
23
24

Add numbers on
lines above u

. . . . . . .
$
10
. . . . . . . . . . . . . .
$
11
. . . . . . . . . . . . . . . 12. . $ . . .

Alimony received . . . . . . . . .
Business income or (loss). Attach Schedule C or C-EZ

17
18
19

. . . . .
. . . . . .
. . . . . .

Taxable refunds, credits, or offsets of state and local income taxes (see page 20)

11
12

.
15 a IRA distributions
16 a Pensions and annuities
Enclose, but do
not attach, any
payment. Also
please use Form
1040-V.

No

If more than four

dependents, see page
15.

Income

Yes

Head of household (with qualifying person). (See page 17.) If the

qualifying person is a child but not your dependent, enter this childs
name here. u

. . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . .
(2) Dependent's
social security
number

No

Yourself. If someone can claim you as a dependent, do not check box 6a

6a

Spouse

Yes

$
$
$
$
$
$
$
$
$
$
$

20b
21
22

. . . . . . . .
35 $
. . . . . . . . u. . 36. $. .
Cat. No. 11320B

Form 1040 (2015)

0
0
0

Page

Form 1040 (2015)

Tax and
Credits

37
Amount from line 36 (adjusted gross income)
38 a Check
You were born before January 2, 1951
if:

Standard
Deduction
for --People who
checked any box
on line 38a or 38b
or who can be
claimed as a
dependent, see
page 31.

39

41
42
43
44
45

Single or Married
filing separately,
$6,300

46
47

Married filing
jointly or Qualifying
widow(er):
$12,600

48
49
50
51
52
53

Head of
Household:
$9,250

54
55
56
57

Other
Taxes

58
59
60
61

Payments
If you have a
qualifying child,
attach Schedule
EIC.

Refund
Direct deposit?
See page 54 and
fill in 72b, 72c and
72d

Amount
You Owe
Third Party
Designee

Spouse was born before January 2, 1951

Total boxes
checked u 38a

b If your spouse itemizes on a separate return or you were a dual-status alien, see page 31 and check here
Itemized deductions (from Schedule A) or your standard deduction (see left margin)
.

40

All others:

Blind
Blind

62
63
64

Subtract line 39 from line 37

47

.
.
.
.

Other credits. Check applicable box(es): a

Form 3800
.
b
Form 8801
c Specify
These are your total credits
Add lines 46 through 54.

. . . 54
$
. . . . . . . . . . . u. . 55. . $ . . . . . - .
. . . . . . . . . 56
$
Subtract line 55 from line 45. If line 55 is more than line 45, enter -0 Self-employment tax. Attach Schedule SE
. . . . . . . . . . . . . . . . . 57
. . $. . . . . -.
Social security and Medicare tax on tip income not reported to employer. Attach Form 4137 . . .
$
58
Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required . . . . . . 59. . $ .
Advance earned income credit payments from Form(s) W-2
. . . . . . . . . . . . . 60. . $ . . . . Household employment taxes. Attach Schedule H . . . . . . . . . . . . . . . . 61. . $ . .
This is your total tax
. . . . . . . . . . . . . u. . 62. . $. . .
Add lines 56 through 61.
63
64

$
$
$.

66
67

$
$
$
$

. . 65a. .
-

Excess social security and tier 1 RRTA tax withheld (see pg 54)
Additional child tax credit. Attach form 8812.

68
69

Amount paid with request for extension to file (see page 54)
68
8885
69
Other payments from : a Form 2439 b
Form 4136 c
Form
These are your total payments
Add lines 63, 64, 65a, and 66 through 69.

. . . .u

If line 70 is more than line 62, subtract line 62 from line 70. This is the amount you overpaid
72 a Amount of line 71 you want refunded to you . . . . . . . . . . . . .
u c Type:
u
b Routing number
Checking

u
d Account number

75

$
$

40

.
.
.
.

66
67

73
74

39

38b

. . .48 . . $ . . . . .- . . . . . . . . . . . . . . . . .
. . 49
. . .$ . . . . -. . . . . . . . . . . . . . . . .
Retirement savings contributions credit. Attach Form 8880 . . . . . 50
$
Child tax credit (see page 37) . . . . . . . . . . . . 51
. . $
Adoption credit. Attach Form 8839
. . . . . . . . . . 52. . $
b
Form 8859 . . . . . . 53 . . $ . . . . . - . . . . . . . . . . . . . . . . .
Credits: a Form 8396

Federal income tax withheld from Forms W-2 and 1099

2015 estimated tax payments and amount applied from 2014 return
65 a Earned income credit (EIC) . . . . . . . . . .
$
b Nontaxable combat pay election
65b

70
71

. . 41
$
.
$
42
.
$
43
. . . 44 . . $ . . . . . - . .
Add lines 43 and 44 . . . . . . . . . . . . . . . . . . . . . .u . 45
. . $
Foreign tax credit. Attach Form 1116 if required . . . . . . . 46
. . .$ . . . . -. . .
Credit for child and dependent care expenses. Attach Form 2441
Credit for the elderly or the disabled. Attach Schedule R
. .
Education credits. Attach Form 8863 . . . . . . . .

.
.
.
.

. . .
. . . . . . . . . . . . . . . . . . . .

Exemptions. Multiply $4,000 by the total number of exemptions claimed o . . . .

Taxable income. Subtract line 41 from line 40. If line 41 is more than line 40, enter -0Tax (see page 33). Check if any tax from: a
Form(s) 8814
b
Form 4972 .
Alternative minimum tax (see page 35). Attach Form 6251. . . . . . . .

37

$
Amount of line 71 you want applied to your 2015 estimated tax
73
Amount you owe. Subtract line 70 from line 62. For details on how to pay, see page 55.
Estimated tax penalty (see page 55) . . . . . . . . . . .75 . . $ .

Do you want to allow another person to discuss this return with the IRS (see page 56)?

. . .u .

72a

$
$
$

74

70
71

Savings

. . -. . . . . . . . . . . . . . . . . . .
Yes.

Complete the following.

Designee's

Phone

Personal Identification

name u

no. u

number. (PIN)

No.

Sign
Here

Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and

Joint return? See

page 17.
Keep a copy
for your records.

Your signature

Date

Your occupation

Spouses signature. If a joint return, both must sign.

Date

Spouse's occupation

Paid
Preparer's
Use Only

Preparer's

belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

signature
Firm's name (or yours if self
employed) address, and ZIP
code

Date

Daytime phone number

Check if Selfemployed

Preparers SSN or PTIN

EIN

Phone no.
Form 1040 (2015)