How can I get less taxes taken out of my weekly checks. I have no dependents. I get alot taken off my checks & get a pretty small refund every year.

Forum|Forum|2 years ago
April 30, 2024
2 replies
3 views

No text available

TurboTax Deluxe Online

DoninGA

Level 15

You will need to give your employer a new W-4 for tax withholding from your wages.

Go to this IRS website for a tax withholding estimator - https://www.irs.gov/individuals/tax-withholding-estimator

Mike9241

Level 15

A small refund is not a bad thing. It means your tax liability and withholding were about equal. A large refund means you made an interest-free loan to the US Government for the year. Decreasing your withholding may not be wise. If not enough is withheld, then you will be subject to underpayment of tax penalties. Additional penalties would be assessed if you could not pay 100% of the balance due by the return's original due date (usually 4/15 of the following year)

here are the rules to avoid these Federal penalties. If you have a state income tax its rules may be different.

1) Federal withholding equals or exceeds 90% of your 2024 tax or

2) Federal withholding equals or exceeds100% of your 2023 tax (110% if your 2023 adjusted gross income was more than $150K) or

3) The federal balance due after subtracting those taxes withheld from 90% of your 2024 tax is less than $1,000 or

4) your total Federal taxes are less than $1,000

Mike9241