Completing a W-4 Form

[Laserman924]

I am looking at modifying my W-4 form so I do not have to continually pay the IRS each year.  My tax bill has been increasing every year for the past few years.  Should the estimated annual salary on the W-4 form after I fill out all of the appropriate fields be close to what is on my W-2 Box 1?  The value on my W-2 Box 1 is a lot lower than the value in Boxes 3 and 5 because I contribute to my employer's 401k.  I can provide additional clarifying information if necessary.  I just want to be sure I am submitting as correct a W-4 as possible.  Thank you.

[LeticiaF1]

Making the necessary changes to your withholding to prevent paying additional tax each year, is not complicated.  Form W9 only requires you to fill out a few lines of information.  TurboTax has tax withholding calculators that can help you figure out what to input on each of those lines. Some information that you will need to have available are:

• Filing status
• Number of dependents you plan to claim on your return
• Age of those dependents
• Information about pay from jobs
• Pension income
• Contributions to tax-advantaged accounts such as 401(k)s, HSAs, FSAs, etc
• Adjustments to income such as student loan interest paid
• Whether you take the standard deductions or itemized deductions
• Any tax credits you take advantage of
• Other sources of income and tax payments