Mekaiyo OP t1_jeh2oik wrote on March 31, 2023 at 11:37 PM

Reply to comment by jokerfriend6 in How to adjust W4 to take less taxes out? by Mekaiyo

I thought you had to actually have a dependent to do that? I’m sure if the projected pay matches what the IRS calculator says then it should be close

jokerfriend6 t1_jeh4dtq wrote on March 31, 2023 at 11:50 PM

No you don't. Its only for filing you have to be accurate. Its always best to get a refund vs pay. My Salary and income varies quite a bit. But increasing your dependent by 1 will help, and add or subract each year depending on how much you need to pay or get back. If you have not enough taken out you could get penalized. I always shoot to get back $1000.

StuffinYrMuffinR t1_jeh50gc wrote on March 31, 2023 at 11:55 PM

Oweing or refund come April 15th is more of a personal preference and circumstance.

Several of our clients basically ignore estimates and pay a fat check at the end of the year because they have such a high RoI that they come out ahead paying penalties and interests.

The average Joe should take your advice and aim for a refund under 1k