The Quick Estimator approximates the amount of a tax refund or the amount owed. The most basic information about the taxpayer(s) and their income and withholding, is all that is needed to use the Quick Estimator.

IMPORTANT: Although the Quick Estimator is great for giving clients a fast look at what their refund or amount owed is, remember it is for estimation purposes only. Before the return can be filed, all information must be entered on the proper forms. The Quick Estimator does not work for state taxes;  the amounts calculated are for the Federal return only.


Estimating Refund or Amount Owed

    1. Choose File > Quick Estimator.
    2. The "Quick Estimator" dialog box opens. Enter the taxpayer's SSN/EIN, or select the taxpayer from the list. The Quick Estimator window opens if the return exists, skip to step 8 to continue. If the return does not exist, then a "Return Not Found" dialog box appears asking if you want to create a new return.
    3. To create the new return, click Yes in the Return Not Found dialog box. A Drake [current year] – New Return dialog box appears.
    4. Enter SSN or EIN to verify.
    5. Select Return Type. If using Drake Documents, enter First Name, Middle Initial, and Last Name.
    6. Click OK. A new return is created; the Quick Estimate window is opened.
    7. Enter as much information about the taxpayer as possible. The most important fields are W2-Gross, W2-Federal w/h, Filing Status, and any applicable credits.
    8. Calculate the return by pressing ESC or CTRL+V. A Calculation Results window opens and displays an estimated refund or amount due.