Tax Refund Calculator 2026
Created by: Emma Collins
Last updated:
Estimate your federal tax refund or balance due by comparing the tax withheld from your paychecks with the tax you owe for 2026 or 2025.
Tax Refund Calculator
FinanceCompare the tax withheld from your paychecks with the tax you owe to estimate your federal refund or balance due.
Form W-2 box 1, after 401(k) and benefits
Form W-2 box 2, or year-to-date on your pay stub
Interest, pensions, IRA withdrawals, short-term gains
Taxed at 0%, 15% or 20%
Children 17+, parents and relatives you support
Leave 0 to use the standard deduction
Tips in an IRS-listed tipped occupation
New US-assembled vehicle bought after 2024
Deductible IRA, HSA outside payroll, student loan interest
How your refund is worked out
A refund is not extra money from the IRS. It is the amount by which the tax taken from your paychecks during the year exceeds the tax you actually owe, plus any refundable credits.
Example
A married couple filing jointly earns $120,000 in 2026 and has two children. Their tax before credits is $10,040. The child tax credit of $4,400 lowers it to $5,640. If $9,000 was withheld from their paychecks, they get a refund of about $3,360.
Deductions that can raise your refund
Payroll withholding does not reflect these deductions unless you updated your W-4, so they often show up as a bigger refund.
| Deduction (2025–2028) | Maximum | Shrinks above (MAGI) |
|---|---|---|
| Qualified tips | $25,000 | $150,000 ($300,000 joint), $100 per $1,000 |
| Overtime premium pay | $12,500 ($25,000 joint) | $150,000 ($300,000 joint), $100 per $1,000 |
| Age 65 or older | $6,000 per person | $75,000 ($150,000 joint), 6% of the excess |
| Car loan interest (new US-assembled vehicle) | $10,000 | $100,000 ($200,000 joint), $200 per $1,000 |
2026 tax brackets
| Rate | Single | Married filing jointly | Head of household |
|---|---|---|---|
| 10% | $0 – $12,400 | $0 – $24,800 | $0 – $17,700 |
| 12% | $12,400 – $50,400 | $24,800 – $100,800 | $17,700 – $67,450 |
| 22% | $50,400 – $105,700 | $100,800 – $211,400 | $67,450 – $105,700 |
| 24% | $105,700 – $201,775 | $211,400 – $403,550 | $105,700 – $201,750 |
| 32% | $201,775 – $256,225 | $403,550 – $512,450 | $201,750 – $256,200 |
| 35% | $256,225 – $640,600 | $512,450 – $768,700 | $256,200 – $640,600 |
| 37% | Over $640,600 | Over $768,700 | Over $640,600 |
If you will owe
A balance due of $1,000 or more can bring an underpayment penalty unless your withholding covered at least 90% of this year's tax or 100% of last year's (110% if your AGI was over $150,000). Raise withholding for the rest of the year with the W-4 withholding calculator, or see your full tax picture in the federal income tax calculator.
Frequently asked questions
How is my tax refund calculated?
Your refund is the federal tax withheld from your paychecks, plus estimated payments and refundable credits, minus the tax you owe for the year. If withholding is less than your tax, you have a balance due instead.
Where do I find how much tax was withheld?
Use box 2 of each Form W-2. Before you have a W-2, take the year-to-date federal income tax on your latest pay stub and add what will be withheld from your remaining paychecks.
Why is my refund smaller than last year?
Common reasons are a raise without a W-4 update, a second job, a child turning 17, bonus or side income with too little withholding, or a smaller refundable credit. Change one input at a time to find the cause.
Will the new tips and overtime deductions increase my refund?
Usually, yes. Employers withhold tax on tips and overtime as normal wages unless you update your Form W-4, so the deduction tends to come back as a larger refund when you file.
Can I get a refund if I owe no tax?
Yes, through refundable credits and withholding. For example, a married couple earning $30,000 with two children owes no tax and can receive about $3,400 of additional child tax credit, plus any tax that was withheld. The earned income credit, not included here, can add more.
When will I get my refund?
The IRS issues most refunds within 21 days of accepting an e-filed return with direct deposit. Returns claiming the additional child tax credit or earned income credit cannot be refunded before mid-February.