Your First Tax Return (Beginner)
The simplest possible federal return, for a single W-2 job. Enter your filing status, your wages, and the tax withheld, and watch how the standard deduction and brackets turn income into your refund or balance due. Real tax tables; nothing saved.
Choose your level
Start simple and work up. You can restart and change level any time.
What is your filing status?
This sets your tax brackets and standard deduction. Most single people pick "Single"; married couples usually file jointly.
How much did you earn from a job (W-2 wages)?
Box 1 of your W-2, the total wages from your employer(s) for the year.
Self-employment: gross business income?
Total money your freelance or business took in this year (your 1099-NEC total plus any other business receipts), before expenses. Leave 0 if you are not self-employed.
Business expenses?
Deductible costs of running the business (supplies, software, mileage, home office and so on). Gross minus expenses is your Schedule C net profit, which is what Schedule SE tax is figured on.
Any other taxable income?
Interest, dividends, or other ordinary income. Leave it at 0 if none. (This simulation treats it as ordinary income.)
HSA contributions?
Money you put into a Health Savings Account. It is an above-the-line deduction, so it lowers your income whether or not you itemize. Leave 0 if none.
Deductible traditional IRA contributions?
Contributions to a traditional IRA that you can deduct. Also an above-the-line adjustment. Leave 0 if none (or if you use a Roth, which is not deductible).
Student loan interest paid?
Interest you paid on student loans, an above-the-line adjustment capped at $2,500. Leave 0 if none.
Standard deduction or itemize?
Almost 9 in 10 filers take the standard deduction. Only itemize if your deductible expenses (mortgage interest, big charitable gifts, high state/local taxes) add up to more.
Any tax credits?
Credits cut your tax dollar for dollar (much stronger than a deduction). Enter a total if you know it, or leave 0. Example: the Child Tax Credit is up to $2,000 per qualifying child.
How much tax was withheld from your paychecks?
Box 2 of your W-2 (federal income tax withheld). We compare it to your tax to see if you get a refund or owe. Leave 0 if unsure.
| Bracket | Income in it | Tax |
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Educational estimate of federal tax only. It leaves out state tax, AMT, QBI, income phase-outs and refundable-credit rules, so it is not a filing. For your real return, work with an IRS registered preparer.