Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2009. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April. This calculator uses the preliminary 2009 tax tables and rules, subject to modifications by the IRS and changes in the tax code.
2009 Tax rates - Below are the resulting tax rates and income ranges for 2009
|Tax rate||Married filing jointly or Qualified Widow(er)||Single||Head of household||Married filing separately|
|10%||$0 - 16,700||$0 - 8,350||$0 - $11,950||$0 - 8,350|
|15%||$16,701- 67,900||$8,351- 33,950||$11,951- 45,500||$8,351- 33,950|
|25%||$67,901- 137,050||$33,951- 82,250||$45,501- 117,450||$33,951- 68,525|
|28%||$137,051- 208,850||$82,251- 171,550||$117,451- 190,200||$68,526- 104,425|
|33%||$208,851- 372,950||$171,551- 372,950||$190,200- 372,950||$104,425- 186,475|
|35%||over $372,950||over $372,950||over $372,950||over $186,475|
Caution: Do not use these tax rate schedules to figure 2008 taxes. Use only to figure 2009 estimates.
Filing status - Choose your filing status. Your filing status determines the income levels for your federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.
|Married filing jointly||If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married filing separately".|
|Qualified Widow(er)||Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or step child whom which you are the primary provider.|
|Single||If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.|
|Head of household||This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.|
|Married filing separately||If you are married, you have the choice to file separate returns. The filing status for this option is "married filing separately".|
Dependents - A dependent is someone you support and for whom you can claim a dependency exemption. In 2009, each dependent you claim entitles you to receive a $3,650 reduction in your taxable income (see exemptions below). In 2009, each dependent under the age of 17 also receives a tax credit of $1000. The credit is, however, phased out for at higher incomes.
Total exemptions claimed - Each exemption you claim reduces your taxable income by $3,650 for 2009. You receive an exemption for yourself, your spouse and one for each of your dependents.
Capital Gain or Loss - This is the total capital gain you realized from the sale of assets. This calculator allows you to enter your total short-term capital gain for investments held less than one year and your total long-term gain for investments held at least one year. Any amount you enter as a short-term capital gain is taxed as normal income. Any amount you enter as a long-term capital gain is taxed as follows:
This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate). For more information on capital gains tax rates and how they are applied, you may wish to read IRS Publication 17: Your Federal Income Taxes.
Business income or loss from Schedule C - Any income or loss as reported on Schedule C.
Income from Schedule E - Rental real estate, royalties, partnerships, S Corporations, trusts, etc.
Total income - Total income calculated by adding lines 7 through 21 on your form 1040. For most taxpayers this includes wages, salaries, tips, interest, dividends and gains and losses from a variety of activities.
Adjusted gross income - Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 33 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.
Taxable income - Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions.
Tax - This is the total federal income tax you owe for 2009 before any tax credits.
Total credits - Your total tax credits. This amount is subtracted from the total tax amount.
Total tax after credits - This is the total federal income tax you will need to pay in 2009.
Total other taxes - Any other taxes that you owe for 2009. This includes self-employment tax, alternative minimum tax, and household employment taxes.
Total tax - Grand total of your 2009 federal tax bill.
Total payments - Total of all tax payments made in 2009. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess social security tax withheld.