W4 Entries to best save on Tax payments (anar1826)

[anand_v]

Me and my husband are both working, and have two kids (18 and soon-tobe-15).  What is the right number to give in W4 form so that we can avoid paying hefty tax amount at the end of the tax year.

[SoCalGal22]

Hi   anand_v

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 question about gift tax and reporting. 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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