2020 Federal tax refund estimate
How does RefundRealizer work?
RefundRealizer calculates your expected refund based on 3 big factors - The Earned Income Tax Credit (EITC), the Child Tax Credit (CTC) and your Income Tax Bracket.
There are lots of other tax credits that may increase your refund such as education credits and child care credits, but there are also other factors that may reduce your refund such as interest you may have earned from certain banking accounts or withholdings. The EITC, CTC, and your tax bracket are often the biggest contributors to your refund, which is why we have left these other pieces out.
RefundRealizer also uses the 'standard deduction' to calculate your expected refund. Depending on your tax situation, you might prefer to itemize your deductions, in which case your estimated refund will probably be pretty different. You can go here to learn more about whether the standard deduction is right for you.