What is Estimator?
Estimator is a tool to help you gain more control and insight into your federal taxes. Estimator enables you to enter your relevant information and make informed decisions regarding your potential refund or amount due come tax time.
Who should use Estimator?
If you earn the majority of your money via a W-2 or are a contractor via a 1099, then Estimator may be a great fit for you! Estimator is available year-round and can be used multiple times a year. If you experience a life event, such as the birth of a child, change in marital status, or job, we recommend returning to Estimator to understand the impact these changes have on your return.
If you earn a majority of your income from other sources, such as through interest, dividends, or capital gains, Estimator may not be best suited for your situation.
How can I use Estimator?
We partner with banks, other financial services companies, and payroll providers to make Estimator available to you.
Which tax use cases does Estimator support?
Estimator takes a variety of federal tax credits and deductions into account when creating an estimate. These include, but are not limited to:
Standard Deduction
Child Tax Credit
Earned Income Tax Credit
IRA contributions
Student loan interest
Does the estimation process provide tax estimates for federal and state taxes?
Currently Estimator only provides estimates for federal taxes. You should be aware of any additional state or local income tax that may be applicable to you and factor these in as a part of your planning.
Will Estimator report my estimate to the IRS or other tax authorities?
No, we only share the estimate with you and your financial institution or payroll provider, whoever granted you access to Estimator.
If I use Estimator, do I still need to file taxes with the IRS?
Yes. Estimator is a tax tool for planning and informational purposes only.
Will Estimator's federal tax estimate change my withholding or paycheck?
No. Once you have completed your Estimate, if you have changes you would like to make, you will then be prompted with options to make those changes.
We do not make changes to your withholding or paycheck without you committing to and signing for those changes.
If I don’t have certain information, will my estimate still be accurate?
Any incomplete or inaccurate information could impact Estimator's accuracy.
You may want to use previous year information as a starting point. You can also refer to your documents from last year to help you out.
If you expect to have additional income this year or if your circumstances have changed, it can be harder to guess what those values might look like. In those cases, it’s common to instead use conservative values or wait until you have more information.
For coverage details and other important legal information about Estimator, you can read more here.
This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.
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