How do I adjust my W4

Forum|Forum|2 years ago
May 29, 2024
2 replies
29 views

I pay too much throughout the year and end up getting a rather large refund. I would rather have this money throughout the year. How can I adjust the W4 so that less taxes are taken out?

Ask the Experts - W-4 II - May 2024

Alicia65

Level 5

You do need to adjust your W4. Without knowing how your W4 reads now here are a few suggestions. Things you can do depends on if your single or married. If you have dependents or not. If you are married and file jointly try adjusting W4 to say single or married filing separately (if you are married you will still file jointly at the end of year) If you have dependents listed eliminate them on W4. They will withhold less and you will still claim dependents on your tax return. If you are listed as Head of Household change it to single on W4

5 reasons to adjust your W4

Fatten your paycheck and still get a refund

user17629655529

Level 2

Hello

You mentioned you received a large refund when you filed your tax return. And this year you would like to spread your anticipated refund out over the entire year.

The best way to do this is to lower your taxes that your employer is withholding from your paycheck.

I would recommend you complete the Estimator Withholding Calculator to assist you in determining the desired withholding based off your income and filing status. I am attaching a link to the calculator.

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

Once you complete the Calculator, adjustments can be made by preparing an IRS 2024 W-4 Form and providing it to your employer.

I am attaching a copy of the current form for your review.

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Thank you for joining us today!