How can I adjust my 2020 W4 so that I have a smaller refund? I used the TurboTax W4 calculator and I'd like to have more of that money in my paycheck.
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You can use TurboTax's W-4 Withholding Calculator, to see if you change your withholding to have less taxes taken out. See the following
https://turbotax.intuit.com/tax-tools/calculators/w4/
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The IRS also has a withholding calculator
http://www.irs.gov/Individuals/IRS-Withholding-Calculator
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W-4 form
http://www.irs.gov/pub/irs-pdf/fw4.pdf
OR: you can go through the TurboTax interview to change your W-4 and print it out to submit to your payroll department.
Federal Taxes Tab (Personal tab for Home & Business)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update
I have used both calculators and they both tell me two different things despite me entering the same exact information. With that being said TurboTax calculator needs to be made adjustable in case you want fewer taxes taken out of each pay check. Either line 3 on the W4 is about $700 or line 4(b) is about $2,000. The first number is the IRS calculator and the second number is TurboTax calculator.
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