2023 Federal Income Tax Calculator Use this calculator to estimate your 2023 federal income tax liability. This calculator is not intended to be used to prepare your federal income tax return, and should not be used for that purpose. This calculator assumes that the values you input are accurate--no independent logic check is performed unless otherwise indicated. To use the calculator, select your filing status and whether to itemize deductions, check off the appropriate fields under “Standard Deduction Adjustments,” and fill in the requested information for “Dependents”. Enter amounts for income, adjustments, itemized deductions, qualified business income deduction, tax credits, other taxes, and payments. Filing Status SingleMarried Filing JointlyMarried Filing SeparatelyHead of HouseholdQualifying Widow(er) Elect to Itemize Deductions YesNo If filing status is married filing separately, both spouses should make the same election. Standard Deduction Adjustments Dependents You Age 65 Blind Your Spouse Age 65 Blind # dependents who qualify for child tax credit Help with this entry # dependents who qualify for credit for other dependents Income Worksheet Taxable wages Taxable interest Tax-exempt interest Dividends (includes qualified) ---- Qualified dividends included Taxable refunds, credits, or offsets of state and local income taxes Alimony received (if taxable) Business income or loss (Schedule C) Long-term capital gain Short-term capital gain Other gains or losses Taxable IRA distribution Taxable pension or annuity income Rental or royalty income Farm income Unemployment income Taxable Social Security benefits Other income Total Income $ Adjustments Worksheet Educator expenses Certain business expenses of reservists, performing artists, and fee-based government officials Health savings account deductions Moving expenses (members of the Armed Services) Deductible part of self-employment tax Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid (if deductible) IRA deduction Student loan interest deduction Total Adjustments $ Deductions Worksheet--Itemized Deductions Medical and dental expenses (Enter gross amount--we'll compute allowable amount) ---- Allowable amount State and local taxes (max: $10,000/$5,000 if MFS) Interest you paid (Examples: home mortgage interest, investment interest) Gifts to charity Casualty losses Other itemized deductions Total Itemized Deductions $ Qualified Business Income Deduction Tax Credits Worksheet Foreign tax credit Credit for child and dependent care expenses Education credits Retirement savings contributions credit Other nonrefundable credits Child tax credit and credit for other dependents (calculated) Total Earned income tax credit Other refundable credits Total Total Tax Credits $ Other Taxes Worksheet Self employment tax Unreported social security and Medicare tax Additional tax on IRAs and qualified plans Additional taxes Total Other Taxes $ Payments Worksheet Federal income tax withheld 2023 estimated tax payments Other Total Payments $ This calculator estimates 2023 federal income tax liability, based on the input provided. If the information provided is incorrect, the results of the calculator will not be accurate. Even if all amounts input are correct, the calculator cannot account for all situations, and therefore should not be relied upon as an accurate reflection of federal income tax liability. While this calculator may be helpful, it is not intended to take the place of a tax professional. Circumstances in which this calculator will not provide accurate results include cases in which you can be claimed as a dependent by someone else. The calculator limits the allowable amount of the itemized 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). The itemized deduction allowed for a casualty loss is subject to a $100 floor and a threshold based on adjusted gross income (AGI) (a deduction is allowed only to the extent that it exceeds 10% of AGI). This calculator does not take these factors into account. The Child Tax Credit and the Credit for Other Dependents are based on other entries. Other tax credits, including the Earned Income Tax Credit, are not calculated automatically, and must be manually entered. This calculator does not calculate the refundable portion of either the Child Tax Credit or the American Opportunity Tax Credit. The calculator does not account for Schedule C income for more than one spouse, and cannot calculate or account for excess Social Security tax withheld. There are many alternative minimum tax (AMT) preference amounts or adjustments that are not factored into the AMT calculation. This calculator does not consider the excess advance premium tax credit repayment, the health care individual responsibility payment, or the net premium tax credit. 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.