Refund Formula:
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The HR Block Refund Calculator estimates your potential tax refund for the 2023 tax year based on the taxes you've already paid and your total tax liability.
The calculator uses a simple formula:
Where:
Explanation: If you've paid more in taxes than you actually owe, you'll receive a refund of the difference.
Details: Calculating your potential refund helps with financial planning and can indicate whether you should adjust your withholding for future years.
Tips: Enter your total taxes paid (from W-2s and estimated payment records) and your calculated tax liability from your tax return. Both values must be positive numbers.
Q1: Where do I find my taxes paid?
A: Look at box 2 of your W-2 form(s) for federal income tax withheld, plus any estimated tax payments you made.
Q2: What if I get a negative number?
A: A negative result means you owe additional taxes rather than receiving a refund.
Q3: When will I receive my refund?
A: Most refunds are issued within 21 days if you file electronically and choose direct deposit.
Q4: Why is my refund different from last year?
A: Changes in income, deductions, credits, or withholding can all affect your refund amount.
Q5: Can I increase my refund?
A: You may qualify for additional credits or deductions. Consider consulting a tax professional.