This tool uses simplified formulas to estimate federal income tax and credits such as the Child Tax Credit (up to $2,200 per qualifying child under 17, with up to $1,700 potentially refundable), other dependent credits, an Earned Income Tax Credit (EITC)-style amount using 2025 maximums and income limits by filing status, and a basic college education credit when you indicate there is a college student. If you enter Schedule C amounts, it estimates net profit and applies a simplified self-employment tax estimate plus a simplified half-SE-tax deduction. It does not apply all IRS rules, limits or phase-outs and is for illustration only. It is not tax advice or a guarantee of your actual IRS refund.