MinhT1
Expert Alumni

Get your taxes done using TurboTax

@gdpaull

 

If only one spouse uses the new form 2020 W-4 and you file jointly, you have the risk that your tax withheld could be either too high or too low.

 

If the withholdings are too high, then you will have a larger refund at tax time (and lower take-home paychecks during the year).

 

If the withholdings are too low, you could incur a penalty for underpayment at tax time.

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