W4

Forum|Forum|2 years ago
May 29, 2024
1 reply
5 views

Hello! I was wanting advice on what to adjust my W4 to in order to get more on my check, but not lose too much on my tax return.

Ask the Experts - W-4 II - May 2024

Loretta P

Employee Tax Expert

The new versions of the W-4 no longer have you claim Filing Status (Single, Married Filing Joint, etc.) and the number of exemptions (0, 1, 2, etc.). Instead the IRS wants taxpayers to estimate what has been earned to date from all sources (multiple jobs, retirement, self-employment, etc.) and how much has been paid in through withholding to calculate what the federal withholding should be for the rest of the year.

TurboTax has two calculators to help you make these decisions.

TurboTax's W-4 Calculator

TurboTax's Tax Caster tax calculator - You are able to try different options to see how that would impact your potential tax return, if you would owe or get a refund.

You can then use the results from the calculators to complete a new W-4 form for your employer.

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