Tax Refund Calculator
Estimate your federal tax refund or amount owed for tax year 2025
Single: $150,000 | Joint: $300,000
🔧 Adjustments to Income (Above-the-Line)
💰 Tax Credits (Reduces Tax Owed)
📋 Additional Information
📚 2025 Federal Tax Brackets
| Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | $0 - $11,925 | $0 - $23,850 | $0 - $17,000 |
| 12% | $11,925 - $48,475 | $23,850 - $96,950 | $17,000 - $64,850 |
| 22% | $48,475 - $103,350 | $96,950 - $206,700 | $64,850 - $103,350 |
| 24% | $103,350 - $197,300 | $206,700 - $394,600 | $103,350 - $197,300 |
| 32% | $197,300 - $250,525 | $394,600 - $501,050 | $197,300 - $250,500 |
| 35% | $250,525 - $626,350 | $501,050 - $751,600 | $250,500 - $626,350 |
| 37% | Over $626,350 | Over $751,600 | Over $626,350 |
🆕 Key Tax Changes for 2025
💵 No Tax on Tips (NEW!)
Service workers can deduct up to $25,000 in tip income. Income limits: $160,000 (Single) / $320,000 (Joint).
⏰ No Tax on Overtime (NEW!)
Deduct overtime premium pay (the 0.5× above regular rate). Max: $12,500 (Single) / $25,000 (Joint).
🚗 Auto Loan Interest (NEW!)
Deduct interest on auto loans for US-made vehicles. Max: $10,000. Income limits apply.
📈 Inflation-Adjusted Brackets
Tax brackets increased by approximately 2.8% to account for inflation, meaning you can earn more before moving into higher brackets.
💵 Higher Standard Deduction
Single: $15,750, MFJ: $31,500, HOH: $23,625. Increased under the One Big Beautiful Bill Act. Most taxpayers benefit from the standard deduction.
👶 Child Tax Credit
Remains at $2,000 per qualifying child under 17. Up to $1,700 is refundable as the Additional Child Tax Credit.
🏦 Retirement Contribution Limits
401(k): $23,500 (+$500), IRA: $7,000. New "super catch-up" for ages 60-63: $11,250 (total $34,750).
💊 HSA Contribution Limits
Self-only: $4,300 (+$150), Family: $8,550 (+$250). HSA contributions reduce taxable income.
💼 SALT Deduction Cap Increase
SALT cap raised to $40,000 ($20,000 MFS) for 2025. Phases out for MAGI over $500,000.
👴 Senior Bonus Deduction (NEW!)
Taxpayers 65+ get an extra $6,000 deduction (applies to both standard and itemized). Phases out between $75,000-$175,000 (single) or $150,000-$350,000 (joint).
❓ Frequently Asked Questions
When can I file my 2025 tax return?
You can file your 2025 tax return starting in late January 2026. The IRS typically begins accepting returns around January 27th, with the filing deadline of April 15, 2026.
Should I take the standard deduction or itemize?
Take whichever is higher. In 2025, the standard deduction is $15,750 (single) or $31,500 (married filing jointly). Itemize only if your mortgage interest, state taxes (up to $40K SALT cap), and charitable donations exceed these amounts.
What's the difference between tax deductions and tax credits?
Deductions reduce your taxable income (saving you money at your marginal rate), while credits reduce your tax bill dollar-for-dollar. A $1,000 credit is worth $1,000; a $1,000 deduction is worth $220-$370 depending on your bracket.
What is the Earned Income Tax Credit (EITC)?
The EITC is a refundable credit for low-to-moderate income workers. For 2025, the maximum credit ranges from $649 (no children) to $8,046 (3+ children) depending on income and family size.
How does the "No Tax on Tips" deduction work?
Under the One Big Beautiful Bill Act (OBBBA), service workers can deduct up to $25,000 in tip income from their taxable income. This applies if your income is below $160,000 (Single) or $320,000 (Joint). The tips must be reported as income—this deduction then removes them from your taxable income.
What is the overtime premium deduction?
You can deduct the "premium" portion of overtime pay—the extra 0.5× above your regular rate. If you earn $25/hour regular and $37.50/hour overtime, the premium is $12.50/hour. Max deduction: $12,500 (Single) or $25,000 (Joint). Income limits apply.
What is the auto loan interest deduction?
For 2025, you can deduct up to $10,000 in interest paid on auto loans for vehicles manufactured in the United States. This is a new above-the-line deduction with income limits of $150,000 (Single) or $300,000 (Joint).
How accurate is this calculator?
This calculator provides a reasonable estimate based on 2025 federal tax rules. It doesn't account for state taxes, AMT, self-employment tax details, or complex situations. For precise calculations, consult a tax professional or use IRS-approved tax software.