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W-4 withholding
We were penalized on our tax return this year for owing more than $1,000 so we had a late penalty of $78. I am trying to update my W-4 to ensure this does not happen again this year. I used the IRS calculator to attempt to correctly fill it out but it makes no sense to me the way they filled it in. I am married filing jointly with two dependents. Step 3 states to multiply qualifying children under age 17 by $2,000 which should should give me $4,000 for line 3 but they filled in $1,489. Is this due to them wanting to withhold more from my checks so taking some away from my dependent credits to accommodate this? Step 4 I have $7,989 due to a 1099 job outside of our regular W-2 jobs. HELP! and THANK YOU!
May 29, 2024
9:32 AM