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Level 1
posted Dec 21, 2022 9:28:09 AM

Started a new job and suspect I'm having too much withheld?

I started a new job recently with a 12.5% increase in pay from my last job, but my take home pay is less than I expected. I noticed my federal withholding seemed higher and did the IRS withholding calculator, which predicted I will pay almost double the amount of what I owe next year. I filled out my W-4 correctly, so I don't understand why such a big refund and how to adjust my withholding? 

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1 Replies
Level 15
Dec 21, 2022 9:49:13 AM

The Tax Withholding Estimator on the IRS web site is not very useful right now because it's almost the end of the year, so it's too late to adjust your withholding for this year. Go through the Tax Withholding Estimator again after you get your first paycheck in 2023. It will let you select the approximate refund amount that you want, and show you how to fill out a new W-4 based on that.