TurboTax Recommends Adjusting Your Withholding!
I was doing my taxes over the weekend with TurboTax and I was pleasantly surprised when, near the end of the Miscellaneous section of the Personal Information section, I was shown a screen with this information:
Adjust How Much Tax You Pay
When you receive a large refund or owe a significant amount with your tax return, it’s a good idea to file a new W-4 form with your employer to adjust how much tax is taken out of your regular paychecks. Ideally, you would owe a small amount of tax each year at tax time so your money sits in your bank account, not the IRS’.Do you want to change your W-4 withholdings for 2007?
I thought that was pretty cool to see and not something I remember seeing before (I owe taxes this year so it’s didn’t key in on anything special with my return). Good job Intuit!
Incidentally, I touched upon the topic of adjusting your income tax withholding in a Devil’s Advocate post.
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2 Comments - Share Your Thoughts
I got that one, but I also got the 401k maximizer (TT Premium) that said I could take home the same net pay if I increase my 401k contribution to 10% (8% is max match) and claiming 2 allowances (instead of 1).
I received a similar message using TaxAct.
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