I’ve been at my job for 9 years and have had my withholding set to 0. I recently got married and had a child. I now file Married Jointly but get a large tax refund. I’m trying to reduce my withholding to get more on my check and less of a refund. Ideally $0.
my employer gave me the new W4 to fill out and the thing makes no sense to me. The online calculator is useless because my paychecks vary by up to $1,000 a check and I get a large bonus every year. So the calculator just doesn’t work.
I have no idea what to put on this thing to achieve my goal.
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If you want to decrease your withholdings, take these steps on your W-4.
To start with indicate that you're married and have a child.
Thank you for the reply! I’m assuming all the extra stuff on the back is not needed in my situation. We just take the standard deduction.
Also when my employer goes to put my info in on quickbooks and yes she chose 2020 and later, it still only has her put in 0 or 1 and so on. So I’m not sure if what I’m putting on my W2 is going to just give me the child tax credit back ($2,000) over the year or is it going to try to get me my whole refund back (roughly) to were I have a small return or even maybe owe a little. Or do I have to do something else to get them to take out less to achieve that?
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