Best way to enter my W4 that maximizes my net income while minimizing my tax return

[Steddy73]

Hi,

I file jointly (gross income is approx $215,000) and we both claim 0 dependents on our W4s but yet we owed $3000 in taxes.  What is the best way to fill out our W4 that maximizes our net income while reducing our amount of taxes owed?  For this year, I started withholding an extra amount to account for a possible $3000 amount owed this year ($115 held every paycheck - 26 paychecks in a year).  Any advise is appreciated.

[JBedford]

Hi, @Steddy73 ! Honestly? You have already done exactly what I would have advised you to do. 🙂 The $115 extra withholding sounds like an ideal solution to me! 

[BonnieI]

Hi @Steddy73  thank you for reaching out.  To avoid owing at the end of the year you can make estimated payments or you can adjust the amount of withholding for each paycheck on Form W4 Line 4(c).  

Please use our TurboTax's TaxCaster tax calculator to determine your estimated income and withholding, see following link:

Free Tax Calculators & Money Saving Tools 2022-2023 | TurboTax® Official

Visit IRS.gov to set up your online account using the following link:

Your Online Account | Internal Revenue Service

Here are some tax saving tips to review:

6 Tax-saving Strategies and Tips from TurboTax Experts - TurboTax Tax Tips & Videos

Please reach out if you have additional questions, thank you for using TurboTax!