SO10202 - Refund Calculator
Description:
The Refund Calculator helps you to estimate your client's refund before entering the full return. It incorporates the new tax laws as we currently understand them. This software has limited features, and therefore does not process to the depth that our tax preparation software does.
Links:
 File Menu

  1. The Refund Calculator can be opened by clicking on the File menu in TaxWorks and selecting Refund Calculator (figure 1).


    2. (figure 1)

  2. The Refund Calculator will appear (figure 2).


    3. (figure 2)

  3. Enter the following information on the General tab (figure 3):

    • Filing Status
    • State Code
    • Birth Date
    • Education Expense
    • Class Level
    • Dependent Information
    • W-2 Information
    • Other Miscellaneous Information


    (figure 3)

  4. Enter the following information on the 1099 Income tab (figure 4):

    • 1099-INT Interest
    • 1099-DIV Dividends
    • Schedule C-EZ Business Income
    • 1099-B Capital Gains
    • 1099-R Distributions


    (figure 4)

  5. Enter the following information on the Other Income tab (figure 5):

    • Other Income
    • W-2G Information
    • Taxable State Refund Information
    • Unemployment 1099-G Information
    • Alimony Received
    • Social Security Benefits


    (figure 5)

  6. Enter the following information on the Adjustments tab (figure 6):

    • Alimony Paid
    • IRA Contributions
    • Moving Expenses
    • Student Loan Interest
    • Additional Detailed Invoice Options


    (figure 6)

  7. Enter the following information on the Deductions tab (figure 7):

    • Medical Expenses
    • Taxes Paid
    • Interest
    • Charitable Contributions


    (figure 7)

  8. Once all information has been entered, the Estimated Net Refund or Amount Due will show in the return summary (figure 8).


    9. (figure 8)