I’m trying to calculate (or at least estimate) my tax deductions to end up having no return on my taxes at year end. Every year I get a roughly 6k return and, although it’s great to have that before summer, I’d rather not give the government an interest-free loan.
I used the IRS withholding estimator but it’s pure trash. I accidentally withheld income from a few paychecks and the IRS thinks I make about 10k more a year than I actually do and should get about a 30k refund. It seems like they don’t take into account income withheld during the year.
Does anyone know of spreadsheets, equations, or any resources I can use to estimate my tax withholding at least well enough so I can trial and error this?
Also, would this be the only way I can “retrieve” the withheld income besides waiting for my return? Would my company be able to do something for me?
Estimating tax deductions for no tax return
byu/Put1demerde intax
Posted by Put1demerde