H&R Block Tax Refund Calculator 2011, 2012

The process of calculating taxes can be confusing with so many terms and changes but fortunately, there are resources on the Internet to help you.

If you are trying to figure out your tax refund, you can use a tax refund calculator. Try the H&R Block tax refund calculator. It’s very easy to use and helpful. Let’s take a look.

Firstly, you have select whether you are filing as Single, Married Filing Jointly, Married Filing Separately, Head of Household or Qualifying Widow(er). Then, you have to enter your age, the number of dependents to be claimed with age, and other particulars. If you have received the $250 Economic Recovery Payment from Veterans Administration, Railroad Retirement Board or Social Security Administration, you have to indicate that in this section of the tax refund calculator.

In the next section, you will enter information pertaining to your income. To begin, you will put in your total wages for the year, along with federal income taxes withheld. Then, you have to declare any additional income which is derived above your total wages. This may come in the form of interest income earned, state income tax refund, dividend income from total ordinary dividends and qualified dividend, self employment income or expense, capital gain or loss, social security benefits, nontaxable combat pay, and any other income or loss.

After this, you will go to the section for expenses. Here is where you will enter state taxes, mortgage interest, donations to charity organizations, job expenses, tax preparation fees, student loan interest, undergraduate degree program expenses, other post secondary tuition, child care expenses, medical expenses, other itemized deductions, saver’s credit, home energy credit, hybrid vehicle credit, and other relevant information. The expenses section is directly related to your tax refund amount so it’s important to get all the figures right and not to omit any expense.

Then, you are done. In the next step, you will find out your tax refund amount. However, it needs to be added that the amount only represents an estimate because there may be changes which will affect the calculations in various ways. Yet, it’s good to understand how your tax refund is calculated and a run through the H&R Block tax refund estimator will give you a good idea about the whole process.

If you are still unsure about your tax refund amount or you need further help on any matters about filing taxes, you may contact the tax professionals at H&R Block. With 12,000 offices located across the United States, you can surely find an office in your locality. Filing taxes can be a pretty complicated process so it’s best to go to the professionals so that you will know how to minimize your tax.