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Level 1
posted May 29, 2024 1:55:59 PM

I used 2 different W-4 Calculators and am getting different projections.

When I use the turbotax W-4 calculator, it says I will owe $231 (W-4 Calculator | IRS Tax Withholding Calculator 2024-2025 | TurboTax (intuit.com)). When I use the IRS W-4 calculator, it says I will get a refund of $13,694 (Tax Withholding Estimator - Results | Internal Revenue Service (irs.gov)). The former is probably more accurate considering that's about how much I owed when I filed my taxes this year, but I just want to know what I should be putting in my W-4 so I break even instead of owing money.

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1 Replies
Employee Tax Expert
May 29, 2024 2:04:26 PM

Thank you for the question.  Well there is a big difference in the calculator results.  I would tend to agree with you on the result from the former being correct.   Depending on your total taxable income a $231 owe is quite small.  You could choose to adjust your W-4 for that projected owe or add some for a cushion.   You would then enter that amount in Box 4 (c) after dividing it over the remaining pay periods for the tax year.  

 

Be well and safe @wmjo98 and for the shout out for the Turbo Tax calculator.  That is greatly appreciated!