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New Member
posted Feb 4, 2024 2:27:35 PM

How do I correctly adjust my w4 so I can receive full refund at end of year?

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3 Replies
Level 15
Feb 4, 2024 2:31:01 PM

A full refund of what?  You don't always get back all your withholding.  You only get a refund if you had more withholding than the tax due on your income.  And you might have other income that doesn't have tax withheld like interest.  

New Member
Feb 4, 2024 2:47:56 PM

@VolvoGirl The W4 forms were changed in January of 2020 to help individuals withhold federal income tax more accurately from their paychecks.(which I was not aware of) So I was not getting as much taken out in taxes in my paychecks. Therefore, I received $0 back for my refund this year. Last year I did not get nearly much as back either. My question is, how do you correctly adjust the tax withholding in the new W4 so I can receive a refund at the end of the year. Or is it even worth it to change if Im getting more in my paychecks anyway.

Level 15
Feb 4, 2024 3:09:29 PM

It's up to you but I vote for more in your paychecks.  Don't let the IRS hold your money all year.  It's like giving them an interest free loan.