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Old 04-07-2021, 03:22 PM   #1
ctom87
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Default W4 question

Spent over an hour trying to figure out what we should change our w4 to since we are getting a $7,000 return. My goal is to get as close to $0 as possible while giving myself a small amount of wiggle room. A return of $1,000 would be fantastic.

That said, my wife called her HR and asked if she did it right, they said, "did you mean to put $40,000 in the deductions?"

Correct me if I am wrong... $25,100 standard deduction, will put back $12,000 in IRAs between the two of us... and $3,200 into an HSA... that comes out to $40,300 that won't be taxed... is there something I am missing here?
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Old 04-07-2021, 03:31 PM   #2
Shane
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https://www.irs.gov/pub/irs-pdf/fw4.pdf

Go to Step 4 and read what it says in paragraph (b)
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Old 04-07-2021, 04:57 PM   #3
jomw10
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Use the IRS estimator:

https://www.irs.gov/individuals/tax-...ding-estimator
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Old 04-07-2021, 06:17 PM   #4
ctom87
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Quote:
Originally Posted by Shane View Post
https://www.irs.gov/pub/irs-pdf/fw4.pdf

Go to Step 4 and read what it says in paragraph (b)
Thank you. Looks like I should not put the standard in this then.

Quote:
Originally Posted by jomw10 View Post
I did this last night and this is what led to all my confusion. It says I should have a yearly deduction of like 234 bucks?? Did not tell me how to fill out my w4 exactly. It's very frustrating. I do appreciate your response.
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Old 04-07-2021, 09:48 PM   #5
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This may help... Per the estimator, I am going to overpay by nearly $9,000.

It then tells me to to do the following:
1) Select Married Filing Jointly. Check, I did that.
2) Enter $246 for credits and other reductions to annual withholding (Line 3 on Form W-4 is already pre-filled). This is an annual amount by which to reduce withholding below the standard withholding that would be withheld from each paycheck for this job if lines 3 through 4(c) of the Form W-4 were blank or zero.

For my wife's job same thing, but for $234... I have no idea where to put these amounts, and they seem very small for an annual deal if I am currently $9,000 over.
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Old 04-08-2021, 06:54 AM   #6
bbqfan5909
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Hire a cpa, I bet your leaving more on the table and can see where to adjust.
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Old 04-08-2021, 07:00 AM   #7
Paycheck
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Sorry, can't help. I gave up trying to keep up with all that years ago.
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Old 04-08-2021, 07:34 AM   #8
texan16
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I feel ya brother, the new W4 is freakin stupidly ridiculous to figure out. I was going to make some changes on mine (haven't changed anything since 2001) and I couldnt figure out the new form. Took it to our CPA and it took him almost an hour to plug numbers in and try to figure out what we needed to do in order to try to "break even" at the end of the year. He said they dont use the "new" form and still use the 2019 form. The online calculator on the IRS site is somewhat helpful.
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