topic Re: Maximize Tax Refund in Get your taxes done using TurboTax

Maximize Tax Refund

schwe419 — Wed, 28 May 2025 16:21:18 GMT

Hello,

How do I maximize my tax refund if both my husband and I work? We each claim 1 to have more withheld and we each have an additional $20 withheld per pay period for tax purposes. I make significantly more than my husband at $100,000 and he makes about $46,000 a year. I've been averaging about $6,000 refund per year but if I could get that increased that would be great.

Re: Maximize Tax Refund

Bsch4477 — Wed, 28 May 2025 16:26:08 GMT

From a financial perspective you don’t want to have a large refund because you are essentially giving the government a loan. That’s money that could have been in your pocket during the year.

Re: Maximize Tax Refund

schwe419 — Wed, 28 May 2025 16:33:28 GMT

Yes, but I'd rather have it as a lump sum instead of an extra $200 per paycheck. So can you just anwer my original question? I don't need actualy tax advice, I just need to know how to practically change my W2 to increase my refund.

Re: Maximize Tax Refund

JulieMc1 — Wed, 28 May 2025 18:32:14 GMT

There are basically two options that will result in your employer withholding more from each paycheck:

Change the filing status on your W4 from Married Filing Jointly to Single (it's ok to do this even if you file a joint tax return)
Increase the amount of the additional withholding that you've requested be withheld from your paychecks each pay period

After doing this, I recommend checking your paystubs to be sure that the changes have taken place. You should also do some quick calculations to ensure that the increased amount is going to get you close to what you are anticipating for your refund. Here's a W4 calculator to help you: W4 Calculator