1040 Tax Calculator (Tax Year 2016)
Use this 1040 tax calculator to help estimate your tax bill using the 2016 tax year's rates and rules.
How the 1040 tax calculator (tax year 2016) works
For 2016 it deducts adjustments, the greater of itemized or the $6,300 standard deduction, and exemptions, runs taxable income through the 2016 brackets, and compares the tax to your withholding.
Worked example: with gross income of $75,000, adjustments (401k, hsa, etc.) of $6,000 and number of exemptions of 1, the 1040 tax calculator (tax year 2016) shows estimated balance due of $1,434.
- Taxable income
- $58,650
- Federal tax
- $10,434
- Effective rate
- 13.9%
- You owe
- -$1,434
The formula
Taxable income = income − adjustments − max(itemized, $6,300) − exemptions; 2016 tax from the brackets; refund = withholding − tax.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the 1040 tax calculator (tax year 2016)
What was the 2016 standard deduction?
$6,300 for single filers and $12,600 for married filing jointly, with a $4,050 personal exemption — the same standard deduction as 2015 but a slightly larger exemption.
How is taxable income figured?
Start with income, subtract adjustments (like 401(k) and HSA contributions), then the greater of your itemized or standard deduction, then exemptions for you and your dependents.
Are credits included?
No — credits like the EIC and child tax credit, plus AMT and state tax, are not modeled here. This estimates the core federal income tax.
Is the 1040 Tax Calculator (Tax Year 2016) free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.