How do I increase or decrease withholdings in Quicken


The amount withheld from your paycheck significantly affects the size of that final tax bill in April. Too little withheld, and the final figure for tax owed could be painfully large. Too much withheld, and you may get some money back, but that's money that could have been working for you during the course of the year. Quicken includes the Tax Withholding Estimator to help you determine whether you're withholding the correct amount.

1. Click the Planning tab.

2. Click the Tax Center button.

3. Choose Tax Tools > Tax Withholding Estimator.

4. Select a worksheet from the list on the left.

  • Tell me more
    These worksheets cover your current withholding, the number of exemptions you've claimed, any additional amount you're having withheld per pay period, and any estimated taxes you've paid. The information comes from your Quicken data and is also visible in the Tax Planner.

Which worksheet did you select?

  • Adjust Basic Information
    1. If you want, change any of the values in the worksheet's fields, including your filing status, number of dependents, adjusted gross income, or amount you think you'll have in itemized deductions. Press TAB or ENTER to update the value in the Tax Projection Data area on the right
    • Tell me more
      The information that shows in the fields when you first open the worksheet comes from your Tax Planner data, as displayed in the Tax Planner or in the Projected Tax summary in the Tax Center view of the Planning tab.

    2. To have the Tax Withholding Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)

  • Tax Payments
    1. the Tax Payments field, make any adjustments necessary to the amount the Tax Withholding Estimator currently believes you will have paid by the end of the year. This isn't the amount deducted from your paycheck—for example, if you make quarterly estimated payments. Press TAB or ENTER to update the value in the Tax Projection Data area on the right.

    2. To have the Tax Withholding Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)
  • Estimate Future Withholding
    1. If you want, change any of the values in the worksheet's fields, including amount of federal tax withheld to date, other withholding, the amount of federal tax withheld per pay period, and so on. Press TAB or ENTER to update the value in the Tax Projection Data area on the right.
    • Tell me more
      The information that shows in the fields when you first open the worksheet comes from your Tax Planner data, as displayed in the Tax Planner or the Projected Tax summary in the Tax Center view of the Planning tab.

      Notes

      The Tax Withholding Estimator displays one of the following in the Federal Tax withheld per pay period field, depending on what you've selected in the Tax Planner:
      • TurboTax: If you have the Tax Planner use information from a previous year's TurboTax data file, the Tax Withholding Estimator doesn't have access to an accurate figure for per-pay-period withholding and displays 0 (zero). Enter an amount.
      • User Entered or Use Per Pay Period Amount: If you tell the Tax Planner how much is withheld from each paycheck, the Tax Withholding Estimator displays that amount.
      • Scheduled Transactions: If you have the Tax Planner calculate data based on a scheduled paycheck transaction, the Tax Withholding Estimator displays the amount your paycheck shows as Tax:Federal.
      • Estimate based on YTD daily averages: If you have the Tax Planner estimate data based on year-to-date daily averages, the Tax Withholding Estimator doesn't have access to an accurate figure for per-pay-period withholding and displays 0 (zero). Enter an amount.

      To tell the Tax Planner which data to use, go to the Withholding page of the Tax Planner, click Details, and select one of the data sources above.

    2. To have the Tax Withholding Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)

    • Tell me more
      Notes

      If you want to experiment with W-4 allowances, be sure to enter a value in the Taxable wages per pay period field of the Experiment with W-4 Allowances worksheet. The Tax Withholding Estimator needs a value for your wages before it can calculate W-4 allowances.
  • Experiment with W-4 Allowances
    1. Experiment with the number of W-4 allowances you claim by entering your taxable wages per pay period in the fields provided, and then entering different numbers in the W-4 allowances field for yourself (and your spouse, if applicable) and pressing TAB or ENTER to update the value in the Tax Projection area on the right.
    • Tell me more
      You can also experiment with withholding extra from your paycheck by entering different amounts in the Additional withholding per pay period field and pressing TAB or ENTER to update the value in the Tax Projection Data area.


      The information that shows in the fields when you first open the worksheet comes from your Tax Planner data, as displayed in the Tax Planner and the Projected Tax summary in the Tax Center view of the Planning tab.

    2. To have the Tax Withholding Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)

    3. Get additional help filling out a W-4 by clicking one of the links under W-4 Information. (Optional)

    • W-4 Worksheet: When you're satisfied with the values you've gotten for number of allowances claimed and extra withholding, click this link to display a W-4 worksheet that contains your choices. You can print this worksheet and refer to it while filling out your W-4 form.
    • W-4 on Quicken.com: This link takes you to an actual copy of a W-4 form that you can print and fill out. You need both Internet access and Acrobat Reader installed on your computer.

    Notes
    When you want to increase or decrease your actual withholdings, contact the Human Resources department where you work. In most cases, you can either change the number of withholding allowances or add a dollar amount by which your withholdings will be increased with each paycheck.

Other pages in the Tax Witholding Estimator

  • W-4 Worksheet
    This worksheet contains the values that you've entered in the Tax Withholding Estimator for number of allowances and for any additional withholding for yourself and your spouse, if applicable. When you're satisfied with the amount of projected tax reported by the Tax Withholding Estimator, print this worksheet and use it to help you fill out a W-4 form.

Notes

The values you enter in the Tax Withholding Estimator don't affect your Quicken data. They are What if tools, allowing you to experiment with different withholding amounts and see their effect on your tax bill. When you want to increase or decrease your actual withholdings, contact the Human Resources department where you work. In most cases, you can either change the number of withholding allowances or add a dollar amount by which your withholdings will be increased each with paycheck.


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