Allowance

Forum|Forum|3 years ago
July 27, 2022
1 reply
4 views

hi ,

I have 2 kids, married filing jointly, I’m wondering how many allowances to claim in order to minimize my tax burden at the end of the year ?

conniem123

Level 7

Hi mushfique333, It can be tricky to find that sweet spot of tax withheld to not owe tax and not get too large a refund! You will want to submit a Form W-4 and there is a W-4 Calculator that takes you step-by-step through the worksheet,

https://turbotax.intuit.com/tax-tools/calculators/w4/

Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. It's always a good idea to compare your 2021 total tax from your 2021 tax return to your year-to-date federal tax withholdings from your most recent paycheck to make sure you are having enough tax withheld and not have a large tax due when filing your 2022 tax return.

I hope this helpful!

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