New 2020 W4 withholding form

[twieder]

I got a big tax refund this year for my 2019 taxes. I got $1200 back in a tax refund. I want my 2020 refund to be as close to $0 as possible (without also owing taxes), to allow my month paycheck to be higher (should be about $100/month higher based on getting $1200 back last year). The IRS calculator though says that I need to withhold $240 a month MORE than I did last year. How does this make sense? I want to lower my withholdings, not raise them. I want less taxes withheld, not more. Does this make any sense at all? Am I really going to owe about $3,000 more in taxes in 2020 despite nothing changing in my life (no dependents, only one job, not head of household). 

Can anyone help? I am desperate after receiving a paycheck that is $300 a month less than it used to be due to extra taxes being withheld.

Thanks!

Tracy

[GiseleD]

There are a lot of factors here, and although you can base future withholding on your 2019 refund, it is just one piece of the puzzle. Your anticipated filing status for 2020, income, deductions, and credits are major elements in the W-4 calculations. Did you receive a recent raise? That can also have a major impact.

I would recommend running the IRS calculator again and paying very close attention to your inputs. 

[twieder]

Thank you. Nothing has changed from last year. Nothing at all. Same job, same pay, same filing status, no dependents. Everything is identical. 

[twieder]

And I’ve gone over the IRS calculator several times. Makes no sense. 

[KarenJ2]

That makes no sense.  I agree.

Unfortunately, the TurboTax W-4 calculator is being updated right now.  I don't know when it will be back online.  

I would suggest going online and checking out another W-4 calculator.  

[mmiller1970]

Is there any update on when the calculator will get available? I'm in the unique situation of wanting to pay some at the end of the year, but not too much. The IRS calculator is worthless for that kind of computation. 

[DaveF1006]

There is no word other than Turbo Tax is updating 2020 changes into their W4 calculator. There are some online calculators to use but I can't verify how reliable they are.