Federal Income Tax Estimator

Federal Income Tax Estimator 2019

Year
Tax Filing Status
Gross Income
Enter total income that is subject to income tax (minimum $1) including long-term capital gain and qualifying dividends
Long-Term Capital Gains
Enter amount of net long-term capital gains included in Gross Income, above
Qualified Dividends
Enter amount of qualified dividends included in Gross Income, above
Adjustments to Income
Enter total amount of above-the-line deductions (e.g., HSA deduction, IRA deduction)
Elect to Itemize Deductions
If filing status is married filing separately, both spouses should make the same election.
Standard Deduction Adjustments
You	Age 65 or older	Blind
Your Spouse	Age 65 or older	Blind
Check appropriate boxes even if entering itemized deductions

Itemized Deductions
Medical and Dental Expenses
Allowable amount (above 7.5% of AGI floor) will be calculated
State and Local Taxes Deduction
Maximum: $10,000 ($5,000 if married filing separately)
Home Mortgage Interest Deduction
Investment Interest Deduction
Charitable Gifts Deduction
Casualty Loss Deduction
Other Itemized Deductions

Qualified Business Income Deduction
Deduction is available whether or not you itemize deductions.
Total Tax Credits
Do not include federal income tax withholding or estimated tax payments

Assumptions:

This is a hypothetical example intended for illustration purposes only.

This calculator considers only the general capital gain tax rates applicable to long-term capital gains, it does not consider any specialized capital gain tax rates.

This calculator adjusts the regular standard deduction only for old age and blindness.

The calculator limits the allowable amount of the charitable gift deduction to 60% of adjusted gross income (note that the amount actually allowed may be less, depending upon the gift recipient and the type of property donated).

This calculator does not take into consideration that certain credits may be refundable if they exceed tax liability.

For purposes of the alternative minimum tax, this calculator considers only adjustments for: the itemized deductions entered and the standard deduction. Any other adjustments and tax preferences are not taken into account.

This calculator does not calculate any state taxes.

This calculator reduces the qualified business income deduction to the extent that the deduction exceeds 20% of taxable income (as reduced by long-term capital gains and qualified dividends). For this purpose, taxable income is computed without regard to this deduction.