Okay so I got a raise last year, and I have two girls 12 and 15. And I ended up having to pay the IRS money back. So I want to know how do I fill out the W-4 form so that I don't have to pay back money, and get some money back?
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In order to get your employer to withhold more from your paycheck during the year, I would recommend that you use the W4 Calculator to generate an updated W4 forms for each spouse.
Here is the link to the W4 calculator: https://turbotax.intuit.com/tax-tools/calculators/w4/
This will hep to increase the amount that your employer will withhold from your paycheck during the year, which means means you will have less money in your pocket during the year.
At the end of the 3rd and 4th quarter, I recommend using TaxCaster to check your progress and estimate your year-end tax liability. You can use the result from TaxCaster to decide whether you want to top up on your withholding by making estimated tax payments for the 3rd or 4th quarter.
Here is the link to TaxCaster: Tax Calculator - Tax Refund & Return Estimator 2023-2024 | TurboTax® Official (intuit.com)
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