Tax Refund Calculator
Estimate your refund or amount owed.
Enter your values
ⓘ Live results
Results
- Estimated refund
- $2,258.00
- Taxable income
- $53,400.00
- Estimated tax liability
- $6,942.00
- Tax withheld
- $9,200.00
- Effective tax rate
- 10.21%
Quick answer
Your refund is the amount withheld during the year minus your actual tax liability after deductions and credits.
Refund = Withheld − (Taxable income × Rate) + Credits
How to use the Tax Refund Calculator
- 1Enter gross income for the year.
- 2Enter your deduction and estimated average rate.
- 3Enter total tax withheld from your payslips.
Worked example
Using the values the calculator loads with:
Inputs
- Gross income68000 $
- Standard/itemised deduction14600 $
- Average tax rate13 %
- Tax withheld9200 $
- Tax credits0 $
Results
- Estimated refund$2,258.00
- Taxable income$53,400.00
- Estimated tax liability$6,942.00
- Tax withheld$9,200.00
- Effective tax rate10.21%
Frequently asked questions
Is a big refund good?
It means you overpaid all year — adjusting withholding puts that money in your pocket sooner.
Are credits better than deductions?
Yes, credits reduce tax dollar for dollar; deductions only reduce taxable income.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.