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Estimate your 2018 Federal taxes - Free

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There are many sites that allow you to roughly estimate your 2018 taxes...but almost all are very simplistic....for example they don't take into account special tax provisions for Dividends and Capital Gains and they don't allow you to itemize your deductions or tax credits, etc so their estimate may be way off.

I just stumbled on a company/site OLT (online Taxes) [olt.com] which allows you to get a much better estimate of your taxes....allowing you to break down your income sources, deductions, etc. It is surprisingly complete and it's a slick deal....it's free. One other major plus...you don't have to enter any personal information (email, etc) or even open an account to use this estimator.

But a warning....unlike TurboTax and TaxAct, it doesn't take you through questions...you just follow their steps and enter your best estimate of your 2018 income, deductions, etc.

Note: It's very interesting to take your 2017 return and enter all the numbers to see what you would have paid, if the new 2018 tax changes had been in effect for 2017....Actually, that's an excellent way to see if the new tax law actually helped (or hurt) YOU...and how much you would have saved if the current tax cut had been in effect last year!

If you file a 1040EZ (short form), this is overkill, but if you file a more complex 1040A, you might want to look at this estimator.

Alternatively, you can, of course, just buy TaxAct, Turbo Tax or other software which can do the same estimates. This is just a free option.

https://www.olt.com/main/home/taxestimator.asp

Final note: I don't actually use OLT to prepare my taxes....this is not a recommendation to use them or not....it's just a pointer to a good free estimator.
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Created 12-03-2018 at 05:55 AM by ghstudio
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HIDDEN
12-03-2018 at 06:32 AM
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#3
Quote from killerkoala5590
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So what if I find out the tax law hurt me? Do I throw a tantrum and stay in grandma's basement for the next 2 year.
I didn't mean for this to be a political statement.... The law is the law.....it's just nice to be able to see how much I will owe or get back while there is a chance to do something about it...for example, contribute to my IRA or a charity....or sell some stock this year vs next year.
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12-03-2018 at 06:46 AM
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#5
Good to know. Most of the middle class will be falling in standard deduction. SImplifying taxcode in a way.
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#6
Using same income as last year it comes pretty close to my tax due then. Higher standard deduction doesn't seem to make much diff.
I suppose you can throw in SEP and deductible self employment tax into "qualified business income deductions".
Thanks for the link. It reminded me to send in my estimated tax.
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#7
Geez, I don't see a difference in tax cut, who benefited?
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#8
Nice, thanks! Will be interesting to see what my actual refund is compared to what OLT said it would be.
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12-03-2018 at 08:44 AM
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Quote from pokymon
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Geez, I don't see a difference in tax cut, who benefited?
I don't think you see much of those people on slickdeals .... Wave
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12-03-2018 at 08:47 AM
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#12
Quote from mikedaley
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Middle class? ha ha. Where have you been? There is no middle class....You are either rich or poor.....
Most people who use this site often are quite fortunate, despite what we see and hear every day. Always be thankful that you didn't have to grow up in a grass hut with no power or clean water.
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12-03-2018 at 09:18 AM
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#14
I just use the Taxcaster App by TurboTax a few times throughout the year to try to get it all to zero out year end.
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#15
Interesting that the dependent care credit and child care credits are dramatically changed. I didn't realize this... makes a massive change in my taxes.

Other than that, transposing some info from my 2017 1040 gives *comparable* numbers, though realizing this calculator is for 2018, not 2017.
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