How much to adjust my W4???

stfuqua · ‎May 29, 2024

My wife and I are retired and have paid $2100 each of the past two years. How much should I adjust my W4 so I'm closer to even next tax season? Thanks.

marctu · ‎May 29, 2024

Thank you for the question. Since you are both retired you are using either the W-4P to withhold from pensions and or annuities and/or the https://www.irs.gov/forms-pubs/about-form-w-4-v to withhold from Social Security. Since you owed about $2,100 I would make that adjustment in Step 4 (c) of the W-4P making sure to divide that amount by the remaining payments for the year. You can do it on multiple retirement income streams, but make sure to adjust by the number of W-4Ps that you are having taxes withheld from.

Be well and safe @stfuqua

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View solution in original post

marctu · ‎May 29, 2024

Thank you for the question. Since you are both retired you are using either the W-4P to withhold from pensions and or annuities and/or the https://www.irs.gov/forms-pubs/about-form-w-4-v to withhold from Social Security. Since you owed about $2,100 I would make that adjustment in Step 4 (c) of the W-4P making sure to divide that amount by the remaining payments for the year. You can do it on multiple retirement income streams, but make sure to adjust by the number of W-4Ps that you are having taxes withheld from.

Be well and safe @stfuqua

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

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How much to adjust my W4???