Lets start:
Now the site Below is just a Calculator, it will ask you the same questions TurboTax will ask you, and I advise you to go there first so that u calculate how much tax refunds you will get even before you go to TurboTax, using that Link also helps you know what answers you will give at TurboTax.
Before you file for Tax Returns, you don’t just jump to TurboTax to file, you will first go to this IRS link below👇🏾👇🏾
https://apps.irs.gov/app/tax-withholding-estimator/about-you
• So let start with the Link and let see how much Refunds we will get, if the amount is good then we move on to TurboTax and use the same details to apply, this prevent try and error when filing because you already know what amount you wil be given
1• We will first click on this link https://apps.irs.gov/app/tax-withholding-estimator/about-you
2• Choose the same answers I chose, you will get low refunds if u apply as Single, you get (times 2) amount if you apply as married. If they ask for dependent, choose more than 2
3• Never tick on any SSN benefits or money interest box, that will just reduce your refund amount because they will think you have benefited from government
4• If you are asked how frequently you are paid, Choose Weekly, that means in a month you pay taxes 4 times so that will double the refund amount in this section , as for the Total wages and bonuses, you can write any number, u don’t have to copy mine🙄
5• Federal taxes withheld = 20% of total wages (use that calculations for the wages you wrote to get withheld income taxes).
6• This part is very important, when asked about 401k and retirement plan, choose Yes and with amount write atleast $20k,we pay taxes on pensions so you will get more refund if they see that u contribute high on your pensions , Same as the pre-tax Childcare credit account.
7• Having a second job also increases your Tax refunds because it means you pay twice more taxes, and use the same wages and figures you used when filing for the first job
8• Write the same figures you wrote above for the Spouse and Second Job, it the same questions they will ask so put in same figures, but don’t copy paste the exact same figures I wrote, you will cast the figures
10• You are given $12,500 standard deductions if you applied as single, but since you applied as married, you get $25,100. So that the trick to get more , Click Next
11• TAX CREDITS : See tax Credits
12• When you are asked questions about the number of children or dependent you have, Always choose 3 or more, if the number is more than 2, you get paid more
13• If you follow the Process step-by-step, you will be given a Tax Refund amount above $100k+
14• So this just a calculator, remember that you are not filing it here, you are just calculating how much you will get when you file. If you are comfortable with the amount here, then we move over to TurboTax and file with the same figures and amount used here
Now let Move on to TurboTax, will just show just a few point to consider, they practically ask the same questions I sent above so u can just refer to the answers you gave
TIP:
If they ask for enter federal incomes withheld ; multiply your total wages by 0.2.. or 20%
So if total wages for the year is $100k, the federal income withheld is 100k*20%= $20,000
If total wage for the year is $200k
Federal income withheld is
$200k*20%=$40,000
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