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Solved

How many exemptions should we take?

Forum|Forum|4 years ago
July 27, 2022
2 replies
39 views

I file married jointly. I substitute teach which often costs us more in taxes. My spouse works full time. Our AGI is about $133,280 depending on how much I work. We always owe thousands of dollars to the feds and state. We have no dependents. How many exemptions on the W4 should we take?

Best answer by Faith C

Thank you for asking. Using a W-4 calculator will be a great tool to assist you to see how to adjust your W-4 to the right amount so you do not owe tax, but also can have more take-home pay. https://turbotax.intuit.com/tax-tools/calculators/w4/ and here is another Tax Withholding Estimator from IRS: https://apps.irs.gov/app/tax-withholding-estimator

Regarding your case, it sounds like you may withhold enough for your tax. You may try to reduce the number of exemption to see if that will help you to withhold enough and avoid owing tax by using the estimator.

Alumni - Intuit

Thank you for asking. Using a W-4 calculator will be a great tool to assist you to see how to adjust your W-4 to the right amount so you do not owe tax, but also can have more take-home pay. https://turbotax.intuit.com/tax-tools/calculators/w4/ and here is another Tax Withholding Estimator from IRS: https://apps.irs.gov/app/tax-withholding-estimator

Regarding your case, it sounds like you may withhold enough for your tax. You may try to reduce the number of exemption to see if that will help you to withhold enough and avoid owing tax by using the estimator.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Alumni - Intuit

Sorry for the typo. For your case, it sounds like you may not withhold enough which trigger tax liability when you filed your tax.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"