topic Can i reduce the amount I have to pay taxes? in Get your taxes done using TurboTax

Can i reduce the amount I have to pay taxes?

pguillen98 — Tue, 10 Feb 2026 10:46:28 GMT

I do not think I owe any federal money since my taxes were deducted from my job. How can I reduce the amount of taxes I need to pay and actually get a refund?

Re: Can i reduce the amount I have to pay taxes?

DoninGA — Sun, 25 Feb 2024 20:44:11 GMT

Sounds like you need to complete a new W-4 and give it to your employer.

Go to this IRS website for the W-4 withholdings estimator - https://www.irs.gov/individuals/tax-withholding-estimator

Re: Can i reduce the amount I have to pay taxes?

JamesG1 — Mon, 26 Feb 2024 20:00:09 GMT

Your employer will withhold Federal income taxes based upon the Federal W-4 that you have completed with your employer.

Your taxable income (box 1) and Federal income tax withheld (box 2) are reported on a W-2 form for the year just ended.

The information that you will report on your Federal 1040 tax return includes the income and income tax withheld reported on your W-2 form.

Your Federal tax return will also report personal information such as dependent information and marital status.

Your Federal 1040 tax return must be filed and processed by the IRS before a refund can be processed or a balance due can be paid.

I think that you are saying that you 2023 Federal 1040 tax return is reporting more Federal income withheld than is required to pay your balance due. The numbers that you are reporting on your 2023 Federal 1040 tax return cannot be changed. You will have to process your 2023 Federal 1040 tax return to receive your refund.

However, you can make changes in preparation of your 2024 Federal 1040 tax return.

You may want to complete a new Federal W-4 with your employer so that a lesser amount of Federal income tax is withheld.

Re: Can i reduce the amount I have to pay taxes?

VolvoGirl — Mon, 26 Feb 2024 20:07:31 GMT

Your job didn't take out the actual tax. The federal tax withheld in box 2 is just an estimate to apply to the total tax on all your income. The tax withholding wasn't enough to cover the actual tax on your return. You can give your employer a new W4 to gave more taxes taken out for next year. Oh and you only get back from W2 box 2 and 17 for state. Not boxes 4&6. Those are mandatory taxes.