The Tax Forecaster tool on Credit Karma helps you estimate your federal refund or amount you may owe next time you file your taxes. The Forecaster tool uses your 2018 tax return to estimate your total federal tax liability and then lets you enter your withholding information from your regular pay stubs to see how this may affect a refund (if any).
Keep in mind that this tool uses information from your prior year return to estimate your federal tax liability, which may not match your final tax liability calculated when you actually file your 2019 taxes. This tool is for informational purposes to help you understand how your withholdings could impact your federal tax refund or owed amount, it is not intended to assist in filing or preparing your tax return or provide you with tax advice. Changes in income, deductible expenses, filing status and household information, or other factors may impact your tax liability.
However, you may not be able to use the Tax Forecaster tool if you are self employed or you did not consent to sharing your tax filing information with Credit Karma when you filed your taxes with Credit Karma Tax.(see below).
How can I get access to the Tax Forecaster Tool?
To be eligible, you need to have already filed your taxes and consented to our submission of Form 4506-T on your behalf (see below). We’ll use your tax transcript to help give you insights about your tax return.
If you did not file with Credit Karma Tax, you can get started by answering two simple questions and verifying your name, mailing address, and SSN. Just keep in mind that your name and address should match the one you used for your 2018 taxes.
What is Form 4506-T and how do I fill it out?
Form 4506-T is a Request for Transcript of Tax Return. In order to help you understand your taxes, Credit Karma needs your permission to request your tax return transcript through your e-signing of IRS form 4506-T.
Follow these steps to e-sign the Form 4506-T:
- Confirm your name and mailing address. Check that your name and address exactly match the one you used for your 2018 tax return (the one you filed earlier in 2019)
- Enter your Social Security number
- Review and agree to the Terms
- Click Submit
I have e-signed the IRS form, when can I start using Tax Forecaster tool?
It usually takes about 3 business days for a response from the IRS after your Form 4506-T is submitted. We’ll send you a notification once we’ve received it and you can start using the Tax Forecaster tool.
In the meantime, don’t forget to complete your profile with the most up-to-date information.
Why do you need my last year’s tax information?
To give you insights on your 2018 taxes and help you plan, we need info from your 2018 tax return. If you haven’t filed yet, come back once you have to learn more about your tax return.
Why did IRS reject my request? Can I still use the Tax Forecaster tool?
Your request may have been rejected due to incorrect personal information. This may mean that the information you’ve entered didn’t align with what IRS had in their database.
Mismatched personal information can include the following:
- Misspelled names,
- Recent name changes, and
- Incorrect Social Security number
- Mismatched address (the one you used for your 2018 tax return)
To learn more about possible reasons for rejection, contact the IRS.
If the IRS denies our request for your tax transcript, we won’t be able to show you tax insights.
*We are in the process of rolling this out so you might not see it on your account just yet. Keep checking back at creditkarma.com/tax/hub/insights to see if the Tax Insights tool is available with your account.
Comments
0 comments
Article is closed for comments.