W4 adjustments

Forum|Forum|3 years ago
May 24, 2023
1 reply
4 views

I've always received a refund but for the past 2 years, I've owed despite my tax situation not changing. What adjustments need to be made to the W4 to receive a refund in 2024?

Ask the Experts - W-4 - May 2023

JBedford

Level 6

Hi, @Leoaugustus ! Well, the first thing I have to mention is that it just might be a good thing to owe some tax when you file your return! The reason I say this is that this means you had more of your money to spend throughout the year, rather than letting the IRS hold onto it for you! Myself, I try to arrange things so that when I file, I owe a small amount (less than $1,000).

But with all that being said, the way to owe less/receive a refund at the end of the year is to have more tax withheld from each paycheck. You can ask for a specific dollar amount to be added to your withholding on the W-4 form, Step 4, item (c). Hope this helps!

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