Hi @Kesiffin
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
Hope this helps, good luck! 🙂
Congratulations! To get the correct withholdings for the remaining 2023 paychecks, I recommend you use TurboTax's W-4 calculator. It will tell you if you need to submit a new W-4 form to your employer. You will need to get you and your wife's recent pay stubs, and sit down for 15-20 min to work with the calculator. If you have questions, please feel free to reach out to TurboTax so we can step you through.
If you did end up submitting a new W-4 form now, it's a good idea to revisit your W-4 form at the beginning of next year (January, 2024) to ensure your withholdings are still good for 2024.
I highly recommend that you take a look at our W-4 calculator, people find it very helpful. The W-4 has changed since we no longer have exemptions as a result of the new tax law of 2017. This has made it more difficult to accurately predict your tax liability. If the calculator shows you will owe additional taxes you can divide the amount you will owe over the remaining paychecks in the year and have that amount withheld as an additional withholding.