Pay frequency is how often a person gets paid by an employer or pension.

• Weekly: Paid once per week
• Every two weeks: Paid every other week and gets two-to-three payments per month
• Twice monthly: Always paid twice a month on certain days. For example, the 1st and the 15th of the month
• Once monthly: Paid one time per month

If your pay frequency doesn’t match one of these, then choose the closest option and adjust your pay accordingly.

You can find the pay period and pay date on the paystub, the statement that comes with a paycheck and tells you about the details of the pay.

• Pay period: The days that you worked and are being paid for, sometimes shown as a start and end date
• Pay date: The date when the paycheck is issued or dated

Gross income per pay period is the total amount you’re paid for the dates on a single paycheck before any taxes or deductions are taken out.

If there’s additional pay, like bonus pay, tips, or overtime for the pay period, it will be included in the gross amount.

Where to find it

Check the paystub for the gross amount per pay period, which only includes the pay for the days you worked on this current paystub.

Social Security is benefit payments made to retirees, people with disabilities, and their families through the Social Security Administration (SSA). To report this income at the end of the year, the SSA sends Form SSA-1099.

Don’t include Supplemental Security Income (SSI) payments. The estimator doesn’t currently support SSI payments.

The monthly benefit amount is the total you receive from Social Security each month before any deductions, Medicare premiums, or taxes are taken out.

It’s okay to estimate. To find the exact amount:

1. Log into my Social Security account
2. Scroll to the Benefits and Payments section
3. Under Benefit Summary, use the total monthly benefit before deductions

If you need help finding the monthly benefit amount, call the Social Security Administration at 1-800-772-1213.

The Social Security Administration doesn’t automatically withhold federal taxes from your Social Security income.

You can request to withhold federal taxes from your Social Security income.

How to check if you have taxes withheld:

1. Log into my Social Security account
2. Select Voluntary Tax Withholding to check the percentage withheld

If you didn’t request to withhold taxes, the percentage will be 0%.

If you don’t have a my Social Security account, or need help checking your federal withholdings, call the Social Security Administration at 1-800-772-1213.

A job is when you earn income by working for an employer. At the end of the year, the employer will send a Form W-2 to report this income.

Don’t include income earned through:

• A partnership, trade, or business that you own
• On-demand work, services, or goods as a freelancer, contractor, or gig worker

Add this income in the Self-employment income section instead.

A pension is generally a series of definitely determinable payments made to you after you retire from work. Pension payments are made regularly and are based on factors such as years of service and past pay.

An annuity is a series of payments under a contract made at regular intervals over a period of more than 1 full year.

At the end of the year, a pension or annuity provider will send a Form 1099-R to report this income.

Don’t include distributions or withdrawals from 401(k), 403(b), or 457(b) plans or Individual Retirement Arrangements (IRAs). Add this income as Pre-tax retirement account income instead.

This is the total amount of your most recent pension or annuity payment, before any taxes or deductions are taken out.

On your most recent statement, check for the gross payment amount.

If the annual amount of your pension or annuity will be the same as last year, you can also refer to your Form 1099-R. To estimate the gross amount for your most recent payment:

1. Find Box 1 on the Form 1099-R, which shows the gross amount for all of last year
2. Divide last year’s gross amount by the number of payments you expect to receive in

Gross income is the total amount you’ve been paid, before any taxes or deductions are taken out.

On your most recent statement, check for the gross income so far this year. This might be labeled as gross income year-to-date or YTD.

If you don’t have a statement, but know the gross amount per payment, you can estimate by multiplying it by the number of payments you’ve received so far in .

If the annual amount of your pension or annuity will be the same as last year, you can also refer to your Form 1099-R. To estimate the gross income so far this year:

1. Find Box 1 on the Form 1099-R, which shows the gross amount for all of last year
2. Divide last year’s gross amount by the number of payments you expect to receive in
3. Then, multiply by the number of payments you’ve received so far in

These are amounts withheld, or taken out of your pension or annuity payment to pay for federal taxes.

On your most recent statement, check for the federal taxes paid for each payment.

• This may appear as a single line called Taxes, FIT, FITW, FITC, Fed W/H, Fed tax, Fed withholding, Federal income tax or similar.
• If you have requested extra federal taxes to be withheld, that extra amount may appear on a separate line. Be sure to add these two amounts

If the annual amount of your pension or annuity will be the same as last year, you can also refer to your Form 1099-R. To estimate federal taxes withheld for the most recent payment:

1. Find Box 4 on the Form 1099-R, which shows the federal taxes withheld for all of last year
2. Divide last year’s withholding amount by the number of payments you expect to receive in

Don’t include state taxes, local taxes, Medicare, Social Security, or other amounts withheld.

These are amounts withheld, or taken out of a pension or annuity payment to pay for federal taxes throughout the year.

On your most recent statement, check for the federal taxes paid so far this year. This might be labeled as year-to-date or YTD.

• This may appear as a single line called Taxes, FIT, FITW, FITC, Fed W/H, Fed tax, Fed withholding, Federal income tax or similar.
• If you have requested extra federal taxes to be withheld, that extra amount may appear on a separate line. Be sure to add these two amounts

If the annual amount of your pension or annuity will be the same as last year, you can also refer to your Form 1099-R. To estimate federal taxes withheld so far this year:

1. Find Box 4 on the Form 1099-R, which shows federal taxes withheld last year
2. Divide last year’s withholding amount by the number of payments you expect to receive in
3. Then, multiply by the number of payments you’ve received so far in

Don’t include state taxes, local taxes, Medicare, Social Security, or other amounts withheld.

Self-employment income is earned from a partnership, trade, or business that you own. It can also be earned by providing on-demand work, services, or goods as a freelancer, contractor, or gig worker.

To report this income at the end of the year, the payer (person, business, or organization that pays you) will send a Form 1099-NEC, Form 1099-K, or Form 1099-MISC.

Don’t include income earned by working for an employer. If the payer sends a Form W-2 with federal taxes withheld, then add this income in the Jobs with an employer (W-2) section instead.

What is it?

Total gross income is the total amount you expect to earn this year, before any taxes, deductions, or expenses are taken out.

If you expect to earn any additional pay this year, like bonus pay, tips, or overtime, include it in the gross amount.

Where to find it?

You can estimate gross total income by tracking how much you earn from self-employment. You may need to estimate your self-employment income for the entire year.

How to check last year's tax return?

If you were self-employed last year and expect your earnings to stay the same, you can find your gross income on line 7 of Schedule C.

When you're self employed, a gig worker, or own and operate a business, you may be able to deduct certain business expenses from your income so you'll pay less tax.

Business expenses could include:

• Home office expenses
• Car and truck expenses
• Rent
• Employee pay and pensions
• Insurance
• Interest on debts
• Legal and professional fees
• Taxes
• Travel and meals

These deductions are different from the personal deductions you'll make if you choose to itemize your deductions. You can deduct your business expenses here and still choose the standard deduction later.

How to check last year's tax return?

If you were self-employed last year and expect your work-related expenses to stay the same, you can find your deductible expenses on line 28 of Schedule C.

Learn more about business expenses

Unemployment income is a joint state-federal program that provides cash benefits to eligible workers.

To receive unemployment, you must become unemployed through no fault of your own and meet other requirements.

At the end of the year, you should receive Form 1099-G showing the amount paid to you during the year.

Learn more about unemployment income.

You can choose to have 10% federal income tax withheld from your unemployment compensation by submitting Form W-4V to the unemployment office.

How to check if you have taxes withheld:

• Check your unemployment statement for federal tax withholding
• Call your unemployment office and ask about your withholding

If you didn't request to withhold taxes, select no.

Any withdrawal of pre-tax funds from a 401(k), 403(b), 457(b), or traditional Individual Retirement Arrangement (IRA) counts as a distribution. This includes distributions at retirement, early withdrawals, required minimum distributions (RMDs), and pretax-to-Roth conversions.

At the end of the year, your financial institution will send a Form 1099-R to report this income.

Don’t include:

• Distributions from Roth (post-tax) accounts.
• Other forms of retirement income, like pensions, annuities, Social Security, or other investment income. You’ll enter them in other sections.

Common types of interest income include interest earned from bank accounts or from lending money.

To estimate your interest income, look at your monthly bank statements to see how much you've been earning in interest each month. Multiply the monthly average by 12 to get an estimate for the year.

When estimating interest income, it's better to guess a higher amount. If you underestimate, it can lead to not withholding enough federal tax throughout the year.

How to check last year's tax return

If you earned interest income last year and think you'll earn a similar amount this year, check for an amount in:

• Line 2b on Form 1040 of your federal tax return

Ordinary or qualified dividends are payments made by corporations to shareholders based on a company's profits. The main difference between the two is that qualified dividends are taxed at a lower rate.

How to estimate dividends

Dividends are often paid out quarterly. To estimate your dividends, look at your financial statements to see how much you've earned in dividends so far this year. Multiply your average quarterly dividend by four (or a different number if not quarterly) to get an estimate for the year.

When estimating dividends, it's better to guess a higher amount. If you underestimate, it can lead to not withholding enough federal tax throughout the year.

How to check last year's tax return

If you earned these dividends last year and think you'll earn a similar amount this year, check:

• Line 3b on Form 1040 of your federal tax return for ordinary dividends
• Line 3a on Form 1040 of your federal tax return for qualified dividends

The length of time you hold an asset determines what type of gain or loss it is:

• Short-term gain or loss, if you held the asset for less than a year.
• Long-term gain or loss, if you held the asset for more than one year.

How to check for gains and losses

If you have an investment or brokerage account, log in or review your latest statement to check for any short- or long-term gains and losses this year.

How to estimate gains and losses

If you plan to sell any assets before the end of the year, include the estimated gains or losses in your total.

When estimating short- and long-term gains, it's better to guess a higher amount. If you underestimate, it can lead to not withholding enough federal tax throughout the year.

Rental expenses (opens in a new tab) include maintenance costs, insurance, taxes, and interest.

How to estimate net rental income

First, add up all the money you expect to receive from tenants during the year. Next, subtract your rental expenses.

When estimating rental income, it's better to guess a higher amount. If you underestimate, it can lead to not withholding enough federal tax throughout the year.

How to check last year's tax return

If you earned rental income last year and think you'll earn a similar amount this year, check your forms:

• Schedule E (Form 1040), Part I, line 21, Columns A - C

Check your licensing agreements or publisher statements for expected payment schedules or percentages.

If estimating future royalty income, it's better to guess a higher amount. If you underestimate, it can lead to not withholding enough federal tax throughout the year.

How to check last year's tax return

If you earned royalties last year and think you'll earn a similar amount this year, check your forms:

• Schedule E (Form 1040), Part I, line 23b

You can use investor reports, profit/ loss statements, or other business data to predict annual earnings. Multiply those earnings by your ownership percentage or distributive share.

When estimating S-corporation or partnership income, it's better to guess a higher amount. If you underestimate, it can lead to not withholding enough federal tax throughout the year.

Don't include income previously entered under self-employment.

How to check last year's return

If you earned income from S-corporations or partnerships last year and think you'll earn a similar amount this year, check these forms:

• Schedule E (Form 1040), Part II, Line 29a, Column h, for passive income
• Schedule E (Form 1040), Part II, Line 29a, Column k, for non-passive income

Bonus pay is usually a one-time payment in addition to regular wages.

If you expect to receive a year-end or quarterly bonus from the employer, include that amount here.

It’s okay to enter your best guess of what you will receive. You can also leave future bonus pay blank.

Don’t include any past bonus pay that you already received this year.

Bonus pay is usually a one-time payment in addition to your regular wages.

To check if you earned a bonus for the current pay period:

1. Find the gross or total earnings for the pay period, which only includes the pay for the days you worked on this current paystub.
2. Check if there's an amount labeled "Bonus" that's included in the gross or total earnings for the pay period.

Don’t include bonuses that appear in the year-to-date (YTD) amount. Only enter bonus pay from the current pay period. Don’t include overtime pay.

Gross income is the total amount you’ve been paid, before any taxes or deductions are taken out.

If you earned any additional pay this year, like bonus pay, tips, or overtime, it will be included in the gross amount.

Where to find it

Check the paystub for the gross amount year-to-date or YTD, which includes all your pay so far in .

To estimate the total amount of tips you’ll get in :

First, check your paystub for year-to-date tips, which includes any tips you’ve received so far this year.

• Tips may be labeled as Other, or Tips (credit card) on a paystub

Then, add any amounts you think you’ll get for the rest of .

If it’s hard to estimate, it’s ok to enter only what you’ve received so far, or to leave tips blank.

Avoid entering a higher amount than you’re sure of for tips, because this can make your estimate less accurate.

To estimate the total amount of overtime you’ll get in :

First, check your paystub for year-to-date overtime, which includes any overtime you’ve received so far this year.

• Overtime may be labeled as OT hours, OT pay, 1.5 pay, or time-and-a-half on a paystub
• If overtime is split into multiple line items, add them together
• Only include overtime that’s earned from working over 40 hours per week

Then, add any amounts you think you’ll get for the rest of .

If it’s hard to estimate, it’s okay to enter only what you’ve received so far, or to leave it blank.

Avoid entering a higher amount than you’re sure of for overtime, because this can make your estimate less accurate.

Overtime pay that is not required by section 7 of the Fair Labor Standards Act (e.g., due to state law or union contract) is not deductible and should not be entered.

If you’re paid for overtime at a different rate than 1.5 times or 2.0 times your regular pay:

• Select the option that’s closest to your overtime pay rate

These are amounts withheld, or taken out of your paycheck to pay for federal taxes.

Where to find federal taxes paid per pay period on a paystub:

• Federal taxes paid may appear as a single line with a label of Taxes. If you have requested extra federal taxes withheld from your paycheck, that extra amount may appear on a separate line. Be sure to add these two amounts.
• They may also be labeled as, FIT, FITW, FITC, Fed W/H, Fed tax, Fed withholding, Federal income tax or similar
• Check for the per-pay-period amount, which only includes the federal taxes paid on this paycheck

Don’t include state taxes, local taxes, Medicare, Social Security, or other amounts withheld.

These are amounts withheld, or taken out of a paycheck to pay for federal taxes throughout the year.

Where to find the federal taxes paid so far this year (year-to-date) on a paystub:

• Federal taxes paid may appear as a single line with a label of Taxes.If you have requested extra federal taxes withheld from your paycheck, that extra amount may appear on a separate line. Be sure to add these two amounts.
• They may also be labeled as, FIT, FITW, FITC, Fed W/H, Fed tax, Fed withholding, Federal income tax or similar
• Check for the year-to-date or YTD amount, which includes all federal taxes paid so far for the year

Don’t include state taxes, local taxes, Medicare, Social Security, or other amounts withheld.