Question

I want to adjust my paycheck tax withholding in order to receive smaller refund for 2023 and have more take home pay. How do I show this on a current W-4?

Forum|Forum|3 years ago
March 18, 2023
1 reply
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According to estimating calculators - both IRS and TurboTax versions my refund is slated at more than $8k based on current withholding. I would like to get more take home pay and have a much smaller refund. But, do not see a way to indicate this on W-4.

TurboTax Online

J

JohnW152

You can add a dependent in Step 3 of Form W-4, Employee's Withholding Certificate.

Or, you can inflate deductions in Step 4(b) -- if you think you'll get the standard deduction next year, enter an amount higher than the standard deduction. If you'll itemize, use a larger amount. This would be done in the Enter 2023 Itemized Deductions screen in TurboTax.

You can toy around with the figures until you get a result you're pleased with.

See the TurboTax Help article How do I update my 2023 withholdings and print a new W-4? for more information.