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Get your taxes done using TurboTax
Hello Aacampbell17!
Yes, life changes do make for reconsidering your taxes. You are one of the few who plan ahead, great job!
Yes, since you are both no longer full time students, you will lose all the education credits you had previously qualified for. So, your taxes will be different this year!
- The best way to determine if you are withholding enough, is to use a tax estimator to calculate how much taxes you'll owe and adjust accordingly. Here is a link to our free tax calculator https://turbotax.intuit.com/tax-tools/calculators/w4/ and another to the IRS W4 calculator http://www.irs.gov/W4App
- You can also use the tax tables to determine how much you may be owing according to your tax filing status. As you know the most advantageous filing status is Married Filing joint (MFJ). Here is the link to the IRS tax tables: https://ttlc.intuit.com/turbotax-support/en-us/help-article/income-taxes/federal-tax-rates-2021/L5Iz...
- Once you figure out the estimated amount owing, you can adjust your W-4 accordingly.
- Step 4(c) on the W-4 allows you to put in extra (additional) tax you want withheld each pay period.
I hope this helps.
Thank you for using TurboTax Live!
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‎July 27, 2022
10:46 AM