How Do You Figure How Much You Get Back In Taxes. You get one exemption for yourself and one for each of your dependents. However, that $10,000 deduction results in you getting more money back from your income taxes if you have $500,000 in taxable income because you fall in a higher income tax bracket.
Once you find out what your approximate tax refund is, you can make your financial plans based on that. So if including yourself and your spouse, you have two exemptions, your exemption is $7,400. Then we apply the appropriate tax bracket (based on income and filing.
How much you owe the irs.
Find your total income tax owed for the year (i suggest using this tax calculator for a rough estimate ). Our free tax calculator can provide a better picture of what you’ll be owed after you file. For example, if you fall in the 34 percent tax bracket and have a $10,000 mortgage interest deduction, multiply $10,000 by 0.34 to find. Irs special rules may apply if you live in a community state (arizona, california, idaho, louisiana, nevada, new mexico, texas, washington, and wisconsin) (continue reading information listed below faq).