I like to estimate my taxes long before we’re ready to file. We usually don’t get all of our K-1s to file for a few more months, but I still like to use a tax estimator to see where we’re going to end up before the tax deadline [1].
Update: The 2014 Tax Estimator [2] is available to estimate your taxes for this year!
For years, I’ve used a home grown tax calculator spreadsheet, but I’ve finally upgraded! We’re rolling out a new 2012 income tax estimator right here! Can you tell I’m excited?
2012 Tax Estimator & Calculator
The 2012 tax estimator works based on the following inputs:
- Enter your filing status [3], income, deductions and credits for 2012.
- Enter the amount you had withheld last year for the refund estimator.
- Select calculate to use the 2012 tax estimator calculator to estimate your 2012 taxes.
- Select view report to see the entire tax return estimator report.
Tax Estimator Inputs
The 2012 tax estimator is based on the 2012 tax brackets [4]. All of the tax parameters and definitions used to build the free tax calculator are based on the current tax laws, including the payroll tax cut [5] and upcoming Flexible Spending Account changes [6].
As a reminder for the 2012 tax calculator, the outputs will be based on your tax calculator inputs. Don’t forget to include things like your Roth conversion from 2010 if you chose to spread the taxes on your Roth conversion over two years [7].
AMT Tax Calculator
The tax calculator also includes the AMT exemption [8] amounts; there is not a separate AMT tax calculator. The calculator also includes 2012 tax scenarios for capital gains tax rates [9].
2012 Tax Returns
I work on projecting our taxes with the tax calculator throughout the year. The 2012 tax calculator is much easier than my old manual spreadsheet!
2013 Tax Planning. Planning ahead for next year? We also have the 2013 Tax Calculator [2] ready to go!