w-4 form

[DBV1985]

Hello,

I received way too much money back in taxes for last year. How can I adjust the W-4 form so that less is taken out? I already added 1 more exemption. Do I just add another?


Thanks,
J

[braje]

Try https://www.irs.gov/individuals/irs-withholding-calculator

[DBV1985]

I've looked at the w-4 form and so far I have 3 exemptions. 2 for single and 1 for dependents. With 3 I am still getting too much taken out for my taxes. Nothing else applies to me. Do I just add another dependent to add one more exemption? This form is just so dumb and doesn't apply to any mustachian tax exemptions.

[DBV1985]

Based on my calculations I pay about $60 extra towards taxes every 2 weeks. If I add another exemption it would be $40 less. That leaves me with still $20 extra. I wish there was a place I can just ask for less $60 tax. ugh.

[MDM]

Based on my calculations I pay about $60 extra towards taxes every 2 weeks. If I add another exemption it would be $40 less. That leaves me with still $20 extra. I wish there was a place I can just ask for less $60 tax. ugh.

You could add two allowances (a W-4 "allowance" is similar, but not identical, to a Form 1040 "exemption"), then put $20 on line 6 of your W-4.

[Spork]

Based on my calculations I pay about $60 extra towards taxes every 2 weeks. If I add another exemption it would be $40 less. That leaves me with still $20 extra. I wish there was a place I can just ask for less $60 tax. ugh.

You could add two allowances (a W-4 "allowance" is similar, but not identical, to a Form 1040 "exemption"), then put $20 on line 6 of your W-4.

This is what I always did.  And it was always a bit of a game of chase.  I'd do +20 one year... and be low.   I'd divide that amount by 26... add it in... and be high the next year.   But it beats paying a penalty or getting a big refund.  I generally was +/-300 at the end of the year.