Question

I received a large refund the last two years. How do I reduce my refund so my paycheck is more?

Forum|Forum|5 years ago
June 1, 2021
2 replies
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TurboTax Deluxe Online

Employee

Change your W-4 with your employer to have less tax withheld.

https://ttlc.intuit.com/community/tax-topics/help/what-to-know-about-the-new-2020-irs-form-w-4-employee-s-withholding-certificate/00/1189006

https://www.irs.gov/pub/irs-pdf/fw4.pdf https://turbotax.intuit.com/corp/guarantees/

**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.**

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patrick-lagro-gmAuthor

Thank you for the quick response. I noticed the the new W4 form isn't what it used to be, which is where my challenge is. In the past, I could adjust my withholding number to help get my taxes to near $0 owed or a small refund. The new form doesn't allow for this at all. My income for my wife and I will be slightly less than last year and we had a very large refund from the the Fed of approximately $7K. When I use the income tax withholding estimator, its showing that I will OWE approximately $4800? Thats a very large difference when my income is going down by ~10%?

DoninGA

Employee

Use the IRS tax withholding estimator - https://www.irs.gov/individuals/tax-withholding-estimator

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patrick-lagro-gmAuthor

I did use this tool. See my reply.

Critter-3

You can use the W-4 tax planner in the program ... since you used the online version I highly recommend you use the amendment function so you don't mess up the originally filed return by accident. Choose the download program option if you can.

Once in the program ... type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR

Go to Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

OR...

Try these tools:

http://www.irs.gov/Individuals/IRS-Withholding-Calculator

https://turbotax.intuit.com/tax-tools

http://turbotax.intuit.com/tax-tools/calculators/taxcaster