Tax Calculator

Wages: $

 

Interest Income: $

 

Dividend Income: $

 

State refund total: $  

 

Alimony Received: $

 

Self-Employed (Net Profit/Loss): $  

 

Self-Employment Business Miles Driven:

 

Short-Term Capital Gains/Losses: $  

 

Long-Term Capital Gains/Losses: $  

 

Retirement Distributions: $

Code from box 7 on Form 1099-R. If your code is not listed, it requires a complex calculation. Select 1 2 3 4 7 G L Q T

 

Rental Property (Net Profit/Loss): $  

 

Rental Property Purchase Price: $

 

Unemployment Income: $

 

Social Security Income: $  

 

Gambling Winnings: $

Child care expenses paid for children under age 13

 

How many children 0 1 2 or more

Did you, your spouse, or a dependent attend college? Yes

Are you, your spouse, or a dependent attending the first four years of college? Yes

Total number of enrolled students including your dependents: 0 1 2

Enter paid tuition and required books purchased for you, your spouse, and dependents (up to 2): $

 

First-Time Homebuyer Credit

To claim the first-time homebuyer credit for 2011, you (or your spouse if married) must have been a member of the uniformed services or Foreign Service or an employee of the intelligence community on qualified official extended duty outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010. Yes

Enter the purchase price: $

 

Did you own a home three (3) years before the closing date of the new home? Yes

 

Did you own a home as your primary residence for five (5) consecutive years out of the eight (8) years before the closing date of the new home? Yes

 

Earned Income Credit

How many children do you have who were, at the end of the year, either under age 19 or under age 24 and a full-time student for at least 5 partial months or disabled? 0 1 2 3 or more

Federal Tax Withholdings: $

 

Estimated Federal Tax Payments: $

1. Reporting prior year's state tax refund as taxable when it is not.
2. Reporting cancelled debt as taxable income when it qualifies as nontaxable.
3. Reporting the wrong type of credit or deduction for education expenses.
4. Incorrectly reporting income/deductions on their Arizona (AZ) tax return. AZ does not conform to all federal tax laws. AZ does not tax social security benefits, allows some retirement income to be excluded from taxable income, allows a credit for some donations and has no threshold (federal does) when deducting medical expenses.
5. Not reporting excess social security taxes withheld (when more than one job).
6. Paying the 10% IRS penalty for early withdrawal from a retirement account when qualifying for an exception.
7. Claiming Single filing status even though they qualify for Head-of-household (even if not claiming a dependent!).
8. Claiming Married Filing Jointly filing status even though Married Filing Separately would lower their taxes.
9. Underreporting self-employment expenses and rental-related expenses.
10. Reporting social security benefits as taxable when, in many cases, they are not.
11. Missing itemized deductions (e.g., most mortgage insurance premiums, undervaluing noncash donations such as clothes, furniture and household goods).