Should I adjust my w4 for 2024?

Forum|Forum|2 years ago
April 15, 2024
2 replies
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My federal refund amount decreased between 2022 and 2023. Assuming a 5% increase in annual salary. Should I adjust my current withholding so I don’t end up owing when I file taxes next year?

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xmasbaby0

Level 15

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

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DianeW777

Level 15

Yes, you can do that just to protect yourself. The easiest way to make a calculated change is to use the amount you were refunded and add an amount that you would like to have as a refund, then divide that number by the number of pay periods remaining in the year. Enter this result on line 4(c) on the W-4. This may be off some, but you can change this as many times as you want during the tax year as you monitor your tax withholding.

You can also use the calculators provided by xmasbaby0 in this thread.

@t2pineda

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