Freelance, rental, investments, dividends, etc. Enter annual amount.
Itemized deductions exceeding standard deduction
Child tax credit ($2,000/child), EITC, education credits, etc.
2
Target Outcome
Target refund / (balance)
$0
$0 target = break even (no refund, no balance due). Positive = refund you receive. Negative = balance you owe on April 15. Best practice: target a small refund ($500-$1,500) as a buffer against estimation errors. A large refund means you gave the IRS an interest-free loan. A large balance due may trigger estimated tax penalties under IRC §6654.
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