# What is my taxable income?

Works out your 2026 federal taxable income: AGI less the standard or itemized deduction, the new Schedule 1-A deductions, and the QBI deduction.

- Page: https://www.acalculator.org/finance/taxable-income-calculator
- JSON spec: https://www.acalculator.org/finance/taxable-income-calculator.json
- Version: 06473008b053

## Default answer

Example with the default inputs (Filing status Single, Wages $75,000.00, Federal tax withheld $0.00, Children under 17 0, Someone can claim me as a dependent No, Tax year 2,026): With an AGI of $75,000.00 and a standard deduction of $16,100.00, your taxable income is $58,900.00.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| status | Filing status | Federal filing status. |
| wages | Wages | Form W-2 box 1 wages, both spouses if joint. |
| withheld | Federal tax withheld | Federal tax withheld (W-2 box 2). |
| children | Children under 17 | Children under 17 with an SSN. |
| estimated | Estimated tax paid | Estimated tax paid for the year. |
| selfEmployment | Self-employment profit | Schedule C net profit. |
| interest | Taxable interest | Taxable interest (1099-INT). |
| dividends | Ordinary dividends | Form 1099-DIV box 1a. |
| qualifiedDividends | Qualified dividends | Form 1099-DIV box 1b. |
| shortTermGains | Short-term capital gains | Held a year or less; a loss is negative. |
| longTermGains | Long-term capital gains | Held over a year; a loss is negative. |
| otherIncome | Other income | Pensions, unemployment, taxable Social Security. |
| adjustments | Adjustments to income | IRA, HSA, student loan interest, and the like. |
| itemized | Itemized deductions | Schedule A total, used if above the standard deduction. |
| otherDependents | Other dependents | Dependents who are not children under 17. |
| over65 | People 65 or older | People on the return aged 65 or older. |
| blind | People who are blind | People on the return who are blind. |
| claimedAsDependent | Someone can claim me as a dependent | Limits the standard deduction. |
| year | Tax year | Later years use the latest rates. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| totalTax | Federal income tax | Form 1040 line 24. |
| balance | Refund or amount owed | Payments minus tax after credits; negative: you owe. |
| effectiveRate | Effective tax rate | Tax after credits over total income. |
| marginalRate | Marginal tax rate | Bracket rate on the next dollar. |
| agi | Adjusted gross income | Form 1040 line 11. |
| taxableIncome | Taxable income | Form 1040 line 15. |
| totalIncome | Total income | Form 1040 line 9. |
| deduction | Deduction taken | Standard or itemized, whichever is larger. |
| deductionType | Deduction type | Standard or itemized. |
| scheduleOneA | Senior deduction | $6,000 per person 65 or older (Schedule 1-A). |
| qbiDeduction | QBI deduction | Form 8995. |
| incomeTax | Tax on taxable income | Form 1040 line 16. |
| childTaxCredit | Child and other dependent credit | Form 1040 line 19. |
| selfEmploymentTax | Self-employment tax | Schedule SE tax. |
| otherTaxes | Additional Medicare and NIIT | Forms 8959 and 8960. |
| earnedIncomeCredit | Earned income credit | Refundable EIC. |
| netTax | Tax after refundable credits | Total tax less refundable credits. |
| at10 | Taxed at 10% | In the 10% bracket. |
| at12 | Taxed at 12% | In the 12% bracket. |
| at22 | Taxed at 22% | In the 22% bracket. |
| at24 | Taxed at 24% | In the 24% bracket. |
| at32 | Taxed at 32% | In the 32% bracket. |
| at35 | Taxed at 35% | In the 35% bracket. |
| at37 | Taxed at 37% | In the 37% bracket. |
| atCapitalGainsRates | At capital gains rates | Taxed at 0%, 15%, or 20%. |
| ratesYear | Rates of tax year | Year of the rates used. |
| notice | Note | Rates year or a limit left out. |

## Method

Form 1040 (2026): AGI = income − adjustments; taxable income = AGI − deduction − Schedule 1-A − QBI; tax by the Tax Table or rate schedule and capital gains rates − child tax credit + other taxes = total tax; refund = payments − (total tax − refundable credits).

## Assumptions

- An estimate for tax year 2026, not tax advice.
- Not modelled: AMT, the premium tax credit, education and other credits, QBI above the Form 8995 threshold, EIC for a separated spouse, the tips, overtime, and car loan deductions, taxable Social Security (type it as other income), 25% and 28% gains, and state tax.
- Everyone 65 or older has an SSN; children under 17 also qualify for the EIC; with no child, someone is 25 to 64.
- Self-employment profit belongs to the wage earner; QBI is profit less half of self-employment tax.

## Worked examples

1. status = single, wages = $75,000.00 gives agi = $75,000.00, deduction = $16,100.00, deductionType = standard, taxableIncome = $58,900.00. Source: Rev. Proc. 2025-32 section 4.14: $16,100 standard deduction.
2. status = single, wages = $40,000.00, over65 = 1 gives deduction = $18,150.00, scheduleOneA = $6,000.00, taxableIncome = $15,850.00, totalTax = $1,657.00. Source: Standard deduction 16,100 + 2,050 at 65, and the $6,000 senior deduction (Schedule 1-A).
3. status = mfj, wages = $200,000.00, itemized = $40,000.00 gives deduction = $40,000.00, deductionType = itemized, taxableIncome = $160,000.00, totalTax = $24,624.00.

## FAQ

### How do I calculate taxable income?

Taxable income = adjusted gross income (AGI) − the larger of the standard deduction and your itemized deductions − the Schedule 1-A deductions (tips, overtime, car loan interest, senior; this page takes only the senior one) − the qualified business income deduction. It is on Form 1040 line 15, and it cannot be below zero.

### What is the standard deduction for 2026?

$16,100 single or married filing separately, $32,200 married filing jointly, and $24,150 head of household. Each person 65 or older or blind adds $2,050 (single, head of household) or $1,650 (married).

### Should I itemize or take the standard deduction?

Take whichever is larger. Itemized deductions are mainly state and local taxes (capped), mortgage interest, charitable gifts, and large medical costs. The calculator compares the two for you and says which one it used.

### What is the new senior deduction?

For 2025 to 2028, each person 65 or older can deduct an extra $6,000, on top of the standard or itemized deduction. It falls by 6% of AGI over $75,000 ($150,000 jointly). Married people filing separately cannot take it.

### Is taxable income the same as my salary?

No. Your salary is part of total income. Taxable income is after pre-tax deductions (such as a 401(k)), adjustments, and the standard or itemized deduction, so it is usually well below your salary.

### What does this calculator leave out?

The QBI deduction above the Form 8995 threshold (only the $400 minimum is taken there), the itemized deductions’ own limits (you type the Schedule A total), and the alternative minimum tax. It is an estimate, not tax advice.

## Sources

- IRS, Rev. Proc. 2025-32 (Internal Revenue Bulletin 2025-45), section 4: 2026 tax rate tables, standard deduction, capital gains breakpoints, child tax credit, earned income credit. https://www.irs.gov/irb/2025-45_IRB
- IRS, 2025 Instructions for Form 1040: Tax Table, Tax Computation Worksheet, Qualified Dividends and Capital Gain Tax Worksheet, EIC Table. https://www.irs.gov/instructions/i1040gi
- IRS, Schedule 8812 (Form 1040), Credits for Qualifying Children and Other Dependents. https://www.irs.gov/pub/irs-pdf/f1040s8.pdf
- IRS, Schedule SE (Form 1040), Self-Employment Tax. https://www.irs.gov/pub/irs-pdf/f1040sse.pdf
- IRS, draft Schedule 1-A (Form 1040) 2026, Additional Deductions. https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
- IRS, Form 8959 (Additional Medicare Tax) and Form 8960 (Net Investment Income Tax) instructions. https://www.irs.gov/forms-pubs/about-form-8960