There are several formulas to be had. You can have charts that give you bend allowances for different gauges. The problem is, it also depends on the tooling and process for your company uses.
One of the companies that I worked for chose their die by multiplying the material thickness by 8 times. This gave us the die width to use. Then we had a chart that told us which bend allowance to use depending on whether it was stainless steel, aluminum, or mild steel. All we used there was air bending.
Another company I worked for multiplied the material thickness by 6 to give us the die width. We used strictly coining, but air bending when absolutely required. We used the same formula for bend allownaces regardless of the material being used. The charts there used a different formula and k-factor for computing the bend allowances.
Then you get into deep discussions about the difference between bend allowances and bend deductions.
After all is said and done, the best way is to cut a small blank, maybe 4" by 6". Debur it to have accurate dimensions. Measure the 4" width with calipers, and write each dimension on the corresponding side. Form it at 2". You now have 2 legs roughtly 2"+ material thickness apiece. Again use calipers to to measure the legs. Add the length of the 2 legs. Subtract the length you wrote down from the combined formed length. Do the same for the other side. You now have the bend deduction for that material thickness using that die width and that punch radius.
Here is a link for an incredible FREE little program that helps you calculate bend deductions and even lets you reverse engineer the k-factor like my long winded explanation above.
Flores