Filling out W4 for more take home pay and less refund at the end of the year

[Teidsmoe1]

Hi,

I am trying to figure out how to have more take home pay and less taxes taken out of each paycheck per month. My wife and I filing jointly, but I have always been confused on how to properly fill out a W4. I work for a small employer. We had a huge tax return last year and I would like more of that in my paycheck each month. 

Thank you, 

Tyler

[SwapnaM]

Yes, you are right, your tax refund = money you overpaid to the IRS during the year, like interest-free loan you gave the government. To get more money in your paycheck and stop getting a huge refund, do these things on your W-4:

• The "Multiple Jobs" Trap (Step 2): if you check this box, the IRS assumes you and your spouse make roughly the same amount and takes out more tax to be safe. If you want more take-home pay and you are currently checking this box, uncheck it. But beware, there is a big risk of owing later, when you file.
• Claim Your Credits (Step 3): Even if you don’t have children, this section is your best tool for increasing take-home pay. Any dollar amount you put here reduces the amount of tax withheld.
• Zero Out Extra Withholding (Step 4c): Make sure Step 4(c) on your new W-4 is $0 or blank.

You can also try out the TurboTax W4 calculator: https://turbotax.intuit.com/tax-tools/calculators/w4/ 

@Teidsmoe1 Hope this helps answer your question! Thanks.