W-4s for married filing jointly

[OA2023]

My husband and I both have new jobs and our total gross income has increased fairly significantly to $240,000 for 2023. We also own a home which we are renting out on a short-term basis. We anticipate another $25,000 in gross income from the short-term rental before taking into account the associated rental expenses. We both filled out our W-4 forms as married, filing jointly and also checked the box denoting that "we work two jobs or spouse works". On my W-4, I also added the $25,0000 we anticipate from the short-term rental in the "other income" box. We had to pay significantly on taxes two years ago, so I want to check with someone that we filled out the W-4 forms correctly or if we should be claiming something differently. Thank you!

[lferlazzo]

hello. so may i suggest that you  use our turbo tax estimator.

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

 This is a great tool in which you can put  your filing status, add in your income, as well as the short term rental income, potential deductions and calculate the project refund/ tax.  Note you would  your income to date and ytd withholdings as well.  You can also file two seperate w-4 estimators and one of you state a filing status of single.   By doing this you will have the most taken out at the single rate. i know the new w-4 no longer has the option for married filing  joint at the single rate. In additon the actual w-4 step 2(b)  worksheet is also a great tool if mulitple jobs.

hope this helps.

[Critter-3]

Use the Tax Withholding Estimator on the IRS web site to figure out what you and your spouse  should each put on the W-4 forms that you give to your employers. It's much easier than using the worksheets on the form. It will let you adjust your withholding to get the approximate refund amount that you want.