1040 Tax Calculator (Tax Year 2013)

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2013. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2014.

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Definitions

2013 Tax rates:
Filing Status and Income Tax Rates 2013*
Tax rateMarried filing jointly
or qualified widow(er)
SingleHead of householdMarried filing separately
10% $0 - $17,850 $0 - $8,925 $0 - $12,750 $0 - $8,925
15% $17,850 - $72,500 $8,925 - $36,250 $12,750 - $48,600 $8,925 - $36,250
25% $72,500 - $146,400 $36,250 - $87,850 $48,600 - $125,450 $36,250 to $73,200
28% $146,400 - $223,050 $87,850 - $183,250 $125,450 - $203,150 $73,200 to $111,525
33% $223,050 - $398,350 $183,250 - $398,350 $203,150 - $398,350 $111,525 to $199,175
35% $398,350 - $450,000 $398,350 - $400,000 $398,350 - $425,000 $199,175 to $225,000
39.6% over $450,000 over $400,000 over $425,000 over $225,000
*Source: 2013 preliminary tax brackets subject to correction http://www.irs.gov
Filing status
Choose your filing status. Your filing status determines the income levels for your federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.

Filing Status for 2013

Married filing jointlyIf you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married filing separately".
Qualified widow(er)Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single

If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of householdThis is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married filing separatelyIf you are married, you have the choice to file separate returns. The filing status for this option is "married filing separately".

Dependents
A dependent is someone you support and for whom you can claim a dependency exemption. In 2013, each dependent you claim entitles you to receive a $3,900 reduction in your taxable income (see exemptions below). You may also receive a tax credit of up to $1,000 for each dependent child under the age of 17. The credit is, however, phased out for at higher incomes.

Total exemptions claimed
Each exemption you claim reduces your taxable income by $3,900 for 2013. You receive an exemption for yourself, your spouse and one for each of your dependents.

Capital gain or loss
This is the total capital gain you realized from the sale of assets. This calculator allows you to enter your total short-term capital gain for investments held less than one year and your total long-term gain for investments held at least one year. Any amount you enter as a short-term capital gain is taxed as normal income. Any amount you enter as a long-term capital gain is taxed as follows:

  • 0% if your ordinary income marginal tax rate is 10% or 15%
  • 15% if your ordinary income marginal tax rate is greater than 15% and less than 39.6%
  • 20% if your ordinary income marginal tax rate is 39.6%
  • An additional 3.8% for the excess of Adjusted Gross Income (AGI) over the $200,000 (singles) or $250,000 (married)
  • This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).

Business income or loss from Schedule C
Any income or loss as reported on Schedule C.

Income from Schedule E
Rental real estate, royalties, partnerships, S Corporations, trusts, etc.

Total income
Total income calculated by adding lines 7 through 21 on your form 1040. For most taxpayers this includes wages, salaries, tips, interest, dividends and gains and losses from a variety of activities.

Adjusted gross income
Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 33 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.

Taxable income
Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions.

Tax
This is the total federal income tax you owe for 2013 before any tax credits.

Total credits
Your total tax credits. This amount is subtracted from the total tax amount.

Total tax after credits
This is the total federal income tax you will need to pay in 2013.

Total other taxes
Any other taxes that you owe for 2013. This includes self-employment tax, alternative minimum tax, and household employment taxes.

Total tax
Grand total of your 2013 federal tax bill.

Total payments
Total of all tax payments made in 2013. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess social security tax withheld.


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