Tax Refund Calculator: When Can You File 2016 Taxes, How Much Will You Get Back?


Once the ball drops in Times Square and we ring in 2017, our focus will go from celebrating the holidays to figuring out how much our tax refund will be — or how much we owe Uncle Sam.

In just a few weeks, taxpayers will start filing their taxes and those who are lucky enough to get money back will wait anxiously for their refund. Unfortunately, due to a new tax law, some people will have to wait just a little longer than others to get the funds by check or direct deposit.

So, when can you file your taxes, how much money will you get back, and how long will it take for the refund checks to arrive? And what’s this tax law that will delay some taxpayers’ refunds?

Here are the answers to those questions and information on how to get an estimate of how much you will get back this year so you can start planning a vacation, put a deposit on a car, or figure out which bills you can pay off.

According to the Internal Revenue Service, refund checks will not be released until mid-February 2017 for families who take the Earned Income Tax Credit or Additional Child Tax Credit.

In an effort to prevent fraud and identity theft, the IRS will process tax returns normally but won’t mail checks or direct deposit refunds until after February 15 for anyone who files using EITC or ACTC.

When can you file your 2016 taxes?

Tax refund check [Image by Juanmonino/iStock]

If you don’t have a hangover from New Year’s Eve, you can file your taxes starting on January 1, 2017. If you aren’t using a tax service to file, paper forms will soon be available in many libraries or you can file the easy way using e-file online.

Although you can start filing on January 1, the IRS won’t start processing tax returns until January 23. Chances are your W-2 form from your employer or your 1099-MISC (for independent contractors or self-employed individuals) won’t arrive in the mail until mid to late January, so you probably won’t be starting your taxes hours after we ring in the new year.

According to The Nest, the company or companies you work for must send out your W-2 by January 31, 2017, for income you earned in 2016. If you don’t receive it by mid-February, call the IRS (800-829-1040).

[Image by Andrei Rahalski/Shutterstock]

File your taxes for free

Some taxpayers may qualify for the Free File program — that means you’ll pay nothing out of pocket to file your 2016 taxes. The IRS states that if you made $60,000 or less you may be eligible to file for free. Head over to IRS.gov/freefile to find out if you’ll be able to get your taxes done with no money out of your pocket.

How much money will you get back?

Before you start planning that tropical vacation or shopping for a new car, it’s a good idea to use a tax refund calculator to get an estimate on your refund. You will need some basic information including your filing status and how much you earned in 2016. Don’t worry if you don’t have your W-2 or 1099 forms yet — it’s just a rough estimate. If you can, take a look at your last pay stub to see how much you’ve made so far in 2016 and add in your estimated income for any pay that you will earn during the last week of the year.

Both Turbo Tax and H&R Block have free tax refund calculators available online. You don’t have to commit to using either company to e-file your taxes — the service is totally free. Enter your marital status, filing status, and some other information about your income and the calculator will give you a good idea as to how much of a refund you should expect.

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[Featured Image by Joe Raedle/Getty Images]

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