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LatteDad08
Returning Member

Too Much Tax Paid from Paycheck - Used the Calculators from IRS, Turbotax, and H&R Block - Still don't comprehend

  • Tried three different calculators; IRS, Turbotax, H&R Block
  • Single income family; married filing jointly; 3 children
  • last paycheck was $6,900 - $1,750 taken in taxes which is 25%, The calculator's show a refund would be $20,000 at the end of the year - 
  • Never had an issue claiming 5 in the previous w-4
  • Entered $6,000 USD in the Total credits for dependents

I'd prefer not to give the upfront money to the government and have more money in my paycheck. Do I increase the amount of $8,000 USD in the box to get more in the paycheck? 

3 Replies
SoCalGal22
Employee Tax Expert

Too Much Tax Paid from Paycheck - Used the Calculators from IRS, Turbotax, and H&R Block - Still don't comprehend

The IRS replaced the old Form W4 with a new system beginning in 2020.

It’s easy to adjust your withholding.  You can do it on paper or electronically.  The old-fashioned way is to walk through the worksheets on the W-4 form.  

The new Form W4 is different. You need to complete steps 1 and 5 of the Form W4 and complete Steps 2, 3 and 4 only if required. 

 

I find the TurboTax W-4 Calculator 2022 easier to use, and it will put in the best solution for you:

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

Use this tool to:

  • Estimate your federal income tax withholding
  • See how your refund, take-home pay or tax due are affected by withholding amount
  • Choose an estimated withholding amount that works for you

Results are as accurate as the information you enter.

What you need:

  • Paystubs for all jobs (spouse too)
  • Other income info (side jobs, self-employment, investments, etc.)
  • Most recent tax return.

 

I hope that answers your questions. Please feel free to give TurboTax a call anytime if you have additional questions or need assistance.

 

Have a great day!

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SoCalGal22
Employee Tax Expert

Too Much Tax Paid from Paycheck - Used the Calculators from IRS, Turbotax, and H&R Block - Still don't comprehend

I think you'll find this very interesting:

https://blog.turbotax.intuit.com/taxes-101/can-i-file-exempt-still-get-a-tax-refund-6695/

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LatteDad08
Returning Member

Too Much Tax Paid from Paycheck - Used the Calculators from IRS, Turbotax, and H&R Block - Still don't comprehend

Thank you for the response, I'll give it a try. The other issue is simply the system for entering into the W-4 company portal only includes the following boxes: Total credits for dependents; Other Income; Additional Deductions; Additional amount to deduct from each paycheck, and not exempt.

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