I am interested in paying more on each paycheck and receiving a larger refund when I filke my taxes. What is the best way to achieve this result? For your information, I have two children and I file jointly with my wife.
Whay additional information do you need?
There are a couple of ways to address this issue.
#1- You can update your W-4 and add additional withholding on line 4(c) of the FormW-4. You must contact the Human Resources/Payroll Department of your employer. Here is a link that has a withholding calculator and a downloadable W-4 with instructions. Also, this information may be helpful Tips for Updating Form W-4 After Doing a Paycheck Checkup.
#2- Leave your withholding alone and pay estimated tax payments on the next two estimated tax deadlines 9/15/22 & 1/15/23. Here is a helpful article about Estimated Tax Payments. To create an account to pay the estimated tax go to https://www.irs.gov/payments.
If you need help estimating what your tax liability for 2022 may be, use TurboTax's Taxcaster!
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