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IRS: How much do I have to pay back?

The deadline to file your 2021 taxes is approaching.

IRS building

Calculate if you owe money or will be getting a refund.


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Do I owe money?

Knowing if you owe or will get a refund depends on the income you’ve had withheld over the year. Read more about it here.

The expectation this year is that 3 out of 4 Americans will get some kind of refund from the IRS. This is due in part to the additional tax credits you can claim.

How much you owe depends on your age and filing status. These factors will determine the income threshold for your tax bracket. To avoid owing when you file your tax return, you may want to know the amount you have taken out of your monthly paycheck. Use the Tax Withholding Calculator to figure how much you should be taking out.

You can also make deductions  from your owed taxes. There are property, dependent, investing, retirement, sometimes pet deductions, and business expense deductions. These could potentially push you into a lower tax bracket.


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