W-4

How do I change my W-4 mid year? My wife and I both work and too much tax is being withheld.

posted

The two ways available to decrease your withholdings on the W-4 is to fill out another one and put in the following:

if you are eligible for income tax credits such as the child tax credit or credit for other dependents (Step 3), then remove the dependents from the form and/or
if you are eligible for deductions other than the basic standard deduction, such as itemized deductions, the deduction for IRA contributions, or the deduction for student loan interest (Step 4(b)), then put that amount in Step 4(b).

These will result in a reduction in the withholdings from your paychecks.

I hope this helps.

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