W4

2 replies
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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....

Ask the Experts - W-4 II - May 2024

xmasbaby0

Level 15

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

lhowell1

Level 2

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.