If you feel that you did not get as large of a refund as you would have liked and want to adjust W-4 withholding to change your results, one of the best ways to do this is to use the IRS Tax Withholding Estimator. You'll need the following information:
- Paystubs for all jobs (spouse too, if applicable)
- Other income info (side jobs, self-employment, investments, etc.)
- Most recent tax return
Once you finish with this tool (which generally takes about 15 minutes), you'll be able to see your expected refund for 2024 and make adjustments as you'd like. It will then tell you exactly how to change your W-4 to get the desired results.
I do want to make a quick note that if the only change you're looking to make is W-4 withholding, you're ultimately not affecting how much money you pay in tax, just the timing of when it's paid. In reality, all you're doing is making each paycheck smaller in order to make a tax refund bigger. If this is your preference, the instructions I provided above will help get you there.
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