W4

[gregnellen]

Hello,

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? 

Thanks

Greg Reynolds 

[JoeD_CPA_CFP]

Hi gregnellen,

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!