I got a big tax refund this year for my 2019 taxes. I got $1200 back in a tax refund. I want my 2020 refund to be as close to $0 as possible (without also owing taxes), to allow my month paycheck to be higher (should be about $100/month higher based on getting $1200 back last year). The IRS calculator though says that I need to withhold $240 a month MORE than I did last year. How does this make sense? I want to lower my withholdings, not raise them. I want less taxes withheld, not more. Does this make any sense at all? Am I really going to owe about $3,000 more in taxes in 2020 despite nothing changing in my life (no dependents, only one job, not head of household).
Can anyone help? I am desperate after receiving a paycheck that is $300 a month less than it used to be due to extra taxes being withheld.
Thanks!
Tracy
