W-4 Allowances

Forum|Forum|3 years ago
May 24, 2023
3 replies
55 views

Hi, I need guidance on how to owe less federal taxes when I file next year. My current allowance is at 1, but wondering if I should change it to 0 so I owe less when I file.

Ask the Experts - W-4 - May 2023

srubino

Level 2

Hello, you are able to input a fixed additional amount withheld per paycheck. Below is a link to assist you with your W4 withholding. Hope this helps!

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

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Holly W

Level 5

Hello KatRom1987

Thank you for joining us today! We're so happy you are here! Changing your W-4 to 0 would inform the payroll department to withhold more federal withholding. If filling out W4, and you are single, you would only need to fill out the first section. You can also use the TurboTax tax caster to get an estimate for tax time and that should also let you know if you need to make any adjustments. Another thing to consider is if you had credits in prior years you may have not had this year, or pay increase. Here is the link for the TaxCaster: https://turbotax.intuit.com/tax-tools/

I hope this helps and can answer any other questions you might have.

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rschule1

Level 6

Hi There:

If all things are the same as last year's taxes, then a quick and easy way to procced would to elect additional withholding on form W4, step 4c. in periodic withholding in an amount equivalent to last year's tax liability.

If your tax situation has changed, I'd recommend downloading the TaxCaster App and inputting new income information in the App for a 2023 tax forecast.

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