Solved: Is there an easy way for me to figure out if i should add withholding/dependants based on my income?
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Is there an easy way for me to figure out if i should add withholding/dependants based on my income?

How can i calculate if i should decrease my withholding? my wife and i have no kids, file jointly and make over $250k. I am getting suggestions on TurboTax to fill out a new W-4 and decrease withholding, but i dont know how to calculate what to enter.
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Level 3

Is there an easy way for me to figure out if i should add withholding/dependants based on my income?

Most people can just estimate their income.  It's based on an estimate anyway, so just go with your best guess.

To do that:

1.  Other Tax Situations. 

2.  Select Start or Update by Form W-4 and estimated taxes. 

3.  Choose Yes to Adjust How Much Tax You Pay. 

4.  Walk through the next screens to enter your anticipated 2017 income.  When you successfully complete all the questions, you can print out a new W-4 to give to your HR department at work. 


View solution in original post

1 Reply
Level 3

Is there an easy way for me to figure out if i should add withholding/dependants based on my income?

Most people can just estimate their income.  It's based on an estimate anyway, so just go with your best guess.

To do that:

1.  Other Tax Situations. 

2.  Select Start or Update by Form W-4 and estimated taxes. 

3.  Choose Yes to Adjust How Much Tax You Pay. 

4.  Walk through the next screens to enter your anticipated 2017 income.  When you successfully complete all the questions, you can print out a new W-4 to give to your HR department at work. 


View solution in original post

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