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Tax Refund Calculator (US)

Estimate whether you'll get a federal tax refund or owe money at tax time, based on your income, pre-tax deductions, withholding so far, and any tax credits.

$
% of gross

401(k), HSA, and other pre-tax payroll deductions

$

W-2 Box 2, or year-to-date withholding annualized

$
Estimated Refund
$520.00
Total Tax Liability
$6,680.00
Effective Tax Rate
8.9%
With a taxable income of $54,400 for 2026, your estimated federal tax liability is $6,680.00 after $0.00 in credits. You've had $7,200.00 withheld so far, so you're projected to get a refund of $520.00. Your top marginal bracket is 22%.
Estimated Refund$520.00

Tax Bracket Breakdown

How your taxable income splits across federal tax brackets
RateAmount in BracketTax
10%$12,400.00$1,240.00
12%$38,000.00$4,560.00
22%$4,000.00$880.00

Refund vs owed — the basic math

Your refund (or amount owed) is simply the difference between what's been withheld from your paychecks and your actual tax liability for the year, after credits:

Refund (or Owed) = Tax Withheld − Total Tax Liability

For example, a single filer earning $75,000, contributing 6% to a 401(k), with $7,200 withheld, has an estimated tax liability of $6,680.00 — a projected refund of $520.00.

Frequently asked questions

Why did I get a smaller refund than last year?

Refund size changes with your income, withholding elections (W-4), filing status, and credits — even if your salary barely changed. A raise, a second job, or a W-4 update at work can all shift how much was withheld relative to what you owe.

Is getting a big tax refund a good thing?

Not necessarily — a large refund means you gave the government an interest-free loan all year by having too much withheld. Many financial planners suggest adjusting your W-4 so your refund is close to zero, and keeping that money in your own budget or investments instead.

What's the difference between a tax credit and a tax deduction?

A deduction reduces your taxable income before tax is calculated (worth your marginal rate × the deduction). A credit reduces your tax bill dollar-for-dollar after tax is calculated — a $1,000 credit is always worth $1,000, regardless of your tax bracket.

How does the standard deduction affect my refund?

For 2026, the standard deduction is $16,100 for single filers and $32,200 for married filing jointly. This amount is subtracted from your income before tax is calculated — most filers use the standard deduction rather than itemizing.