I've tried using several online calculators for this but what exactly do I need to have in hand to figure out what my extra withholding should be.
My wife and I both work and since the changes in the tax laws went through it doesn't seem like the government withholds enough out of our paychecks even though they know our income. Both our kids are now over 17 years old so I know I can't claim that specific tax credit any more.
right now I've changed my w4 to withhold an additional 460 per paycheck but that was kind of a guess on my part.
Thanks
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Hello VanceJamesMiller!
Often times the withholding is not correct in a 2 earner household, mostly because each employer withholds for only their employee, not knowing what the other employer is doing. There are a couple of ways you can deal with this. One would be for each of you to fill out a new W-4, check the "single" box and then sign it. Don't fill out any of the worksheets. You will still file jointly when the time comes, but withholding at the single rate helps it calculate correctly.
Another option is to take the amount you owed last year and just divide it by the number of paychecks you have left this year, then request that amount as additional withholding. For example, if you owed $2,000 last year and you have 20 paychecks left, you would request an additional amount withheld of $100 per paycheck.
I know you said you had tried calculators, but just in case you hadn't seen this one, this is TurboTax's W-4 calculator that may be helpful as well. https://turbotax.intuit.com/tax-tools/calculators/w4/
I hope that helps!
Juliane
In my opinion you will need two things: 1)recent leave and earnings statement for you and your wife, detailing taxable wages and income taxes withheld, and 2)download the TaxCaster app, wherein you will be able to enter leave and earnings information to forecast tax owed. From TaxCaster forecast you will be able to claim on W4 step 4c. extra witholdings.
Hi @VanceJamesMiller ,
You are correct that the child tax credit has been decreased since your children are over the age of 17. Here is a link to a W-4 calculator which will allow you to see how adjusting your W-4 impacts the taxes you do in 2024 with our tax withholding calculator. W-4 Calculator This calculator should let you know if withholding the additional $460 per paycheck is enough.
Good luck!
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