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Level 1
posted Jun 28, 2023 10:39:58 AM

Planning Ahead

How much money should I be withholding to pay $X amount of money, pay $0 in tax, or refund $X amount of money at the end of the year; is there a way to calculate this myself?

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3 Replies
Employee Tax Expert
Jun 28, 2023 10:43:28 AM

Hello, you can use the following links to plan ahead and calculate the withholdings you should make yourslef:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

https://turbotax.intuit.com/tax-tools/calculators/w4/

 

Expert Alumni
Jun 28, 2023 10:44:33 AM

Hi Darcy!

Great question and Turbotax has a great Tax withholding calculator to help you estimate your tax withholding and create a new W4 so that you can estimate how much tax you will need to pay, have a zero balance or have a refund at the end of the year.

Here is the link to the tax wihholding calculator:

https://turbotax.intuit.com/tax-tools/calculators/w4/

Please give me a thumbs up if this answers your questions.

Thanks,

Mary

Level 2
Jun 28, 2023 10:53:10 AM

Hi @DarcyDean66

Thanks for reaching out today.  Below is our TurboTax TAX Calculator and the W-4 Calculator for 2023 to use to estimate your 2023 income and tax withholding.  There is also a blank Form W-4 to change your withholding with your employer if needed.   You will need your 2022 return to use as a guide and your current paystub annualized for 12 months.

*** Tax Calculator - Refund & Return Estimator 2022-2023 | TurboTax® Official

W-4 Calculator | IRS Tax Withholding Calculator 2023-2024 | TurboTax

 

Hope you find these tools helpful.  Please reach out if you have additional questions.

Thank you for using TurboTax Live!

Bonnie, Quality Reviewer Tax Expert