Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted May 29, 2024 8:09:37 PM

W4

Not succeeding in working with the TurboTax provided W4 calculator...need to find a way to withhold more to reduce the large amount we own IRS annually but cannot "take home" too much less each pay period.... 

0 2 1303
2 Replies
Level 15
May 29, 2024 8:10:51 PM

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

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Employee Tax Expert
May 29, 2024 8:17:51 PM

You can ask your employer to withhold an additional amount each pay period.  You can also do this on a new W-4 by entering a dollar amount in Line (c) of Step 4.  You can approximate your additional withholding by looking at how much you owed IRS when you filed.  Divide the total due by the number of remaining pay periods.  You can also revisit the scenario later in the year to make adjustments.  Another alternative is to simply pay IRS estimated tax payments with each paycheck.  You can pay as little or as much, as often as you'd like, 24/7, by going to https://www.irs.gov/payments/direct-pay.    Remember to enter the reason as "Estimated Tax", 1040, Apply to 2024.