Owe Less at Tax Time

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I owed way more than expected last year despite claiming "0". I there a way to mitigate the amount owed?

Filing Married, 2 young kids. 130k.

KochuK

Alumni - Intuit

Hi Doc_I, Thanks for the questions.

Recommend that you fill out the re-designed Form W-4.

Form W-4 Employee’s Withholding Certificate

https://www.irs.gov/pub/irs-pdf/fw4.pdf

The simplest way to increase your withholding is to enter in Step 4(c) the additional amount you would like your employer to withhold from each paycheck - divide the amount you expect you will owe by the remaining pay periods.

Or reduce the number of dependents on Step 3.

Hope the above helps.

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Owe Less at Tax Time

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