In retirement, my California adjusted gross income is higher than I am receiving in retirement checks.

[imcdermo]

Hello,

I retired 18 months ago in California. My pension is through CalPers. I thought that I had withheld enough not to owe taxes, but this year I owed over $4200. This may be because of investment earnings . How can I adjust my W-4 so that I do not owe this shocking amount?

Thanks for your help.

[jacquieb]

Hi @imcdermo 

You can check your W4 calculations by using the W4 calculator located HERE.

This calculator lets you account for several variables. You can compare these results to what is currently on your W-4.

Hope this helps! 🙂