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TurboTax Recommends Adjusting Your Withholding!

Posted By Jim On 03/19/2007 @ 9:16 am In Taxes | 2 Comments

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 [3] in a Devil’s Advocate post.

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[3] adjusting your income tax withholding: http://www.bargaineering.com/articles/dont-optimize-payroll-deductions.html

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