Hi! We will be increasing our income to 75k a year. Last year I think our AGI was around 56k. We have 4 small children in Missouri. Last year our refund was around 8K claiming 6 allowances federal. We file married filing jointly.
we will be filling out a new w4 in January. How do we fill this out to maximize our paycheck during the year?
First, let me say congratulations on your increase in income!
TurboTax has a great tool in place to help with your very situation. The W-4 Withholding Calculator can be accessed via the following link: https://turbotax.intuit.com/tax-tools/calculators/w4/
It is a great idea to plan ahead when there are significant changes to your tax situation! TaxCaster, by TurboTax is a great way to get a better understanding of your new tax situation and how it may affect your tax refund or balance due. You can access it from the following link: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ .
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