Estimate My 2005 Federal Income Tax?
Q: Does anyone know of a web site or tool that will help me estimate my 2005 Federal Income Tax?
A: -Put 2005 income tax estimater into any search engine an you'll get quite a few, however, many will be for 2004, or won't handle AMT and/or phaseouts, or are very limited in scope, but that's where you;ll find them. Some even estimate your quarterly tax installments. -Use your 2004 tax return and booklet. Download Form 1040-ES for 2005 (http://www.irs.gov/pub/irs-pdf/f1040es.pdf) where you will find the 2005 personal exemptions, standard deduction, tax rates and other tax law changes for 2005 known at this moment in time. -Just do a mock 2004 return (it won't differ much) to get a close approximation of the tax. Because of inflation adjustments in personal exemption, standard deduction, and tax tables the amount calculated will likely be HIGHER than your actual tax liability.