The first step is to determine what your results will be is nothing changes. You can do this by using the TurboTax W4 Calculator https://turbotax.intuit.com/tax-tools/calculators/w4/
Be sure to answer questions correctly. If the result is a refund, then there is no need to update your W4, unless the refund is more than you would want. If the refund is too much, then you will want to update the W4 to have less withheld from your paycheck. This can be done by adding a credit amount on Line 3 of the W4. If the result is a balance due, the you’ll want to update your W4 to have additional amounts withheld from your paycheck. This can be done by adding an amount on Line 4c of the W4.
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