I'm 23 and 2018 is the first year that I have worked full-time. I began working full-time in May of 2017 and got back about $5,500 from that tax refund (state & federal).
I'd like to get a rough estimate of what my 2018 tax refund will be. Last year I worked for 6 1/2 months or about 54% of the year. If I simply add the missing 46% of 2017 to the 2017 tax return amount, would that be a good estimate for what my 2018 tax refund will be? That would be around $8,030 ($5,500 x 1.46). I realize that taxes aren't that simple but I would like an approximate number. My pay has not changed and I have no new loans or major purchases.
I've looked into using the online tax return calculators from sites of H&R Block and Turbotax but they ask too many questions that I don't know the answer to and I don't want to spend a significant amount of time trying to figure it out. My parents have done my taxes in previous years and I want to learn bout this so I can do them myself in the future.
If posting my YTD amounts for federal or state withholding would help, I wouldn't mind.
Estimated total income for 2018: $52,000
Estimated total federal withheld for 2018: $9,000
Estimated total state withheld for 2018: $2,500
Estimated total student loan interest paid for 2018: $700
Estimated total contributed to 401(k) for 2018: $1,600
I file individually, single, and not a dependent.