How to Update IRS Form W-4 to Adjust Your Tax Withholding
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- เผยแพร่เมื่อ 13 ก.ย. 2024
- For a 2023 update: • How to File Form W-4 f...
For a 2022 update: • How to Fill Out Form W...
Is your federal tax refund massive every single year? That is not always a good thing.
You might need to adjust your federal tax withholding to keep more of your own money during the year.
For more videos on IRS withholding certificates, see our playlist here:
• Withholding Certificat...
For a larger database of tutorials, please visit our website and search for your question:
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
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For a 2023 update: th-cam.com/video/YtJDZfYl1gw/w-d-xo.html
For a 2022 update: th-cam.com/video/r85IZpuy8t0/w-d-xo.html
We need an example of one filled out just sample numbers so we more or a better idea of what we are working with and what to specifically put down on the form please thank you. Or a quick cheat sheet.
Came to say the same thing. I understand the concept, I need to understand the document.
As an accountant/tax preparer I have to explain this all the time. I usually give both sides of the coin much like you did. The example I use as the opposite of the "IRS interest free loan" is "Do you want to make 52 decisions (if paid weekly) on $20 or one decision on a thousand dollars once a year." Everyone looks at the world different and as you stated it is up to each individual to decide. I usually encourage my clients to go the bigger refund method as it is harder for a person scrapping by to come up with $1,000 but could live without $20 on every paycheck :)
Yes! It really comes down to just education on how the system works.
Couldn't they just put it in a savings account? Then they wouldn't have to wait until tax time to be able to access that money if an emergency arises
Question; can my wife and I select Single on our W4 but file our taxes MFJ?
@@theodorekorehonen define emergency? I wanted some extra money for Christmas but I was glad to see this tax return!
I recalculated mine and added 258 back to my paycheck bud
how about making a tutorial on how to CHANGE the withholding status from 0 to 1. why is it so hard to show people what box i need to right the number 1 in so i can keep more of my paycheck each period? ffs!!
The IRS Form W-4 was changed in 2020 and no longer allows for employees to claim allowances to reduce their federal withholding, hence why it is not addressed in this video which uses the 2021 version of Form W-4. If you want to reduce your withholding you need claim itemized deductions on your tax return and estimate those amounts in Step 4 of the Form W-4
Did you ever figure this out, friend? My brain is bleeding.
They don't have those boxes any more
@@mwoods4608 yes. as close as I have gotten to the truth is that the IRS details are "fuzzy" when it comes to claiming yourself under the "other dependent" category. I want to know if this is allowed, and nobody seems to have a definitive answer.
@@halfbreed02lol nah i figured it out
Thank you for making this video! I never knew that was the case or I would have changed it a while ago!
Glad it was helpful! Thank you for watching
The Gov't holds your money and does not pay you interest. However, if you owe and do not pay on time, they sure charge you interest. I always try to break even or owe just a little
What if you have nothing to itemize but want to lower your withholding?
The new Form W-4 revisions make it difficult to lower your tax withholding. The only way to lower your withholding is to claim itemized tax deductions which exceed your standard deduction for federal tax purposes.
you did not explain what to put on 4B?? is it a number for allowances like 6, or is someone supposed to put $10,000??? OR?? I want to break even at the end of the year and not owe any taxes and i do not care if i dont get a refund. On the older W4's 2020,2021, it had a space on line 5 that you could put a witholding number in, but the 2023 does not have that
I cannot find an answer to this anywhere idk why
Dammit we want to kno what to put to get more on the check. No one can give this info for some reason.
Did you find out what to do? Same here.
@@deborah3250 me too like what the heck I want bigger check and to not over pay in taxes I don’t want a 7000$ refund I’d rather have that money through the year
I have listened to tonnes of videos, at the end, its the same thing, its difficult for teachers to explain clearly
I’m trying to figure out how to break even for the end of the year
I bought a townhouse last May and I put more toys towards my retirement and I got an increase in salary. I did not owe this year but next year the tax accountant said I would owe $1300 if I don’t change my withholdings, so I was thinking of putting an extra $50 every time I get paid towards federal so I do not owe, I thought where I bought the townhouse, and I put more towards my retirement that I would make out better on taxes, but I did not from Massachusetts by the way
So in my situation, I work for a factory thaf pays a lot of crazy money during the holidays... what I used to do is just go in and claim 10 for the paycheck that has all of the holiday pay on it... and then go back to claiming 0 after that paycheck.... but now its all different ... I just dont want to see thousands of dollars go to the government on this paycheck
I'm still confused on how to change it so that they don't withhold any federal tax and I get no refund and I get my maximum paycheck. What do I do?
How do I fill this out for single and 1 allowance for federal? I want to get a bigger paycheck each month than get the bigger refund. On my work form, I only have boxes for Claim Dependents, other income and deductions.
YES! Seems like nobody can answer this question.
@@wza223-fo3mc so if i get $350 withheld per paycheck and i want my paycheck to be $200 more, I should enter $200 into box 4b?
So I changed my W-4 from additional withholding amount from $91 to $60. I used the IRS calculator to estimate my refund so I want a little less taxes taken out. This is the only thing I entered on the form aside from the basics and married filing jointly. When I received next check with this change the net pay amount was only 20.08 on the plus side instead of $31 that it was changed to. Should I have seen a net gain of $31 on this check compared to the previous one? Am I missing something here.
So I have no desire/need/requirement for elaborate witholdings on my taxes. I would merely want to instead of claiming 0 claim 1 and reduce the amount of taxes taken out each paycheck.
This is the problem with the new Form W-4. The 2019 version of Form W-4 was the last version where the form allowed taxpayers to claim allowances. For 2020 going forward, you can no longer claim allowances. You need to be more precise in your itemized deductions and dependents to lower the amount of federal income tax withheld.
@@JasonDKnott thanks, I've since learned that. It's pretty lame they took a step backwards and made this more complicated.
@@JasonDKnott could you explain how to "be more precise with the itemized deductions"?
This video is super underrated.
I'm glad it was helpful. Thank you for watching!
So my fiancé makes $90 k a year, single zero. How much should she change on her W4? She doesn’t own a house or anything
Most taxpayers without any dependents will simply complete Step 1 and leave Steps 2, 3 & 4 blank. Step 4 could be completed if the taxpayer has additional income outside their primary job, or they plan to itemize their deductions.
What does "override total dependent amount" mean? HOH,
2 dependents. No federal is being withheld.
Thank you for this. Got my thumbs up! I have a question sir. So, for my example I'm getting taxed about $377 per pay check. I want to get that closer to zero. I used the refund calculator and based on my situation, I'm looking at a $5600 refund. Here's my question, do I put in $5600 in line 4b or add $19400 (per worksheet pg 3 instructions as being the head of household) to that to put a total deduction of $27,500 (I have a dependent giving me 2500 credit as well so 25k + 2.5k = 27k)? Anyhow, I know you can't give direct legal tax advice but I'm afraid if I only put $5600 (not following pg 3 instruction properly?) that I'll have even more taken out or if I put $25000 (including the 19400 head of household adjustment) in line 4b that I may mess it all up somehow and make my paycheck even worse. I think I understand but I'm not sure. I'm sure there's many others who ask similar type questions. Hopefully my example, can help not just me but someone else trying to be careful about filling this out for the intended purpose of increasing the paycheck and decreasing the refund. Thank you!
Did you ever get an answer?
@@flowerchild33 Nope. I just entered the larger amount and kept increasing it and that seems to work ok.
@@justinsugay1149 did your taxes deductions drop?
@@flowerchild33 Yeah by like $100. I want to make it drop more but not sure if I'm doing this correctly.
This was my question. There was no actual example in the video
Contributions to retirement (IRA, HSA, etc.) is another big cause.
Don't forget, not only is it like giving the government an interest free loan, that if you get a good chunk of money back and use a tax prep service, that's even more money you gotta pay them that you're not going to get back.
Very true!
So what if you are a single filer with 0 dependent but your employer is not taking ANY federal withholding out? This is happening to me right now and I'm needing to file a tax extension now and figure out why payroll is not taking it out. They also refused to withhold any when I spoke to them.
I’m really young and I don’t know how to file this. I’m used to it saying different percentages and you pick one. I don’t know how to put in a dollar value
Here's what everyone needs to do on exemptions. Instead of putting zero or 1.... don't do that. Enter 10 or 20 them your employer can't take or income tax from your hard earned paycheck. Irs is illegal entity and taxes are voluntary. Learn what the rich don't teach you. You have to ask and talk to them and then they will tell you how to beat the illegal tax system like I do. Your employer will try to threaten you or even scare you to think that you have to pay income tax but they know it's illegal. If they keep pushing you then ask them to show where in the law says we have to pay taxes and is it legal etc. Bye bye old corrupt system. Fed reserve and irs buildings are empty right now. It's a ghost town at DC swamp.
How not to have to pay each year 😢
Thank you for the info!
You're welcome!
But won't one get a refund at the ends of the yr
Need assistance because I would like to buy a EV this year and be able to get the $7500 tax credit. What should I do? Thanks
My 18 year old son filled out his W4 with no deductions. He made $8,000 last year. No taxes are being taken from his check and he ended up having to pay $30. My question is, why is nothing being taken from his check? Is there something else he needs to write on his W4? Thanks for any advice you can give.
Well I find myself to be very bad at saving doesn't matter if it's a saving account I will drain it if I can so if I can adjust my withholding to be 10% or 20% higher than the required amount and get it all back at the end of the year well great, that's money I didn't get to touch coming back to
I used to it just use 1 for the allowances to take a little less instead of full blown exempt. Now in this new form since 2020, how do I mimic that in section 4b?
Unfortunately there is no way to mimic the prior allowances on the new Form W-4. If you want to reduce your withholding taxes, you can claim extra deductions in section 4b, but you should only do so if you honestly believe you will claim those amounts as itemized deductions. If you knowingly report false information, the IRS may argue that you have committed tax fraud.
Hi, I just came to US in Sep22. I have a child who is in India right now but I am planning to get him here next year after winter (May22). Can I claim in section 3 or not as he is not in US ?
Not a problem with the video I just don't get why they gotta change what's not broken that's extra what happend to just putting a percentage on how much you want them to take so now they want you to guess predict what you gonna get in paycheck! I'm lost
Where can I find a high interest savings account?? They are less than 1% especially if you are only dropping in $200 each pay check.
How much do you charge for a private consultation with federal tax questions? Thanks
Are gamblers issued a refund on their federal withholdings on the W2Gs?
If you have federal withholding tax on gambling winnings you should report both the winnings and the withholding tax on your Form 1040. Whether you get a refund will depend upon your income from other sources and your overall federal tax liability
what is the federal tax withholding if the employee made $4,800 wages in 2022 with 0 withholding in W-4?
Federal income tax is illegal and voluntary and unconstitutional. There is no law that says you have to pay federal income tax. It is all voluntary based on your compliance. They steal your money and then have the audacity to tell you that you still “owe them” and they can take it in the lead as far as I’m concerned.
Haha don't pay it and see what they do lol
@@maddenwigley3318 they do nothing except keep your money. I’ve never filed. As far as I’m concerned, they owe me.
What should I do if I want to increase federal withholding tax, married filing joint? I think something is wrong because my W-2 showed that there's only $17.25 federal tax withheld for the entire year of 2022. We ended up paying. So what should I do going forward?
Quick Question please am single paying almost 1500$ every paycheck do i still have to file tax at the end of the year am new to the us system thank you
So what should I put for extras withholding 0 or 3
I wondered why my deductions were so much I’m still a little bit confused
Thank you for this!
You’re welcome!
If I get a federal refund but owe state do I change my fed
How can I alter my W4 to get less withheld temporarily? I do single filing jointly....should I just calculate out my dependents? I just get the standard deduction
You should report the amount of dependents you anticipate to have for the tax year when you file your Form 1040. It is not recommended to claim extra dependents or deductions if you know you will not have them, because that means you are technically committing perjury when signing the Form W-4.
I just updated my W4 and my employer claims there is a 2020 law requiring them to put my withholding at zero. This just ate up my raise and I'll get all back later but I don't want to give feds a loan. They sent me some IRS link to justify themselves. They claim im not allowed to adjyst withholding for dependants even though it was adjusted a month ago just fine.
The new Form W-4 only allows you to list the number of dependents and not make additional adjustments, versus the prior Form W-4 allowed you to claim more exemptions. The only way to reduce your holding is if you are going to itemize your tax deductions, so you can enter those estimates in Step 4.
Thank you so much
You’re welcome !
So if I chose to withdrawal $15 out of each paycheck, I will most likely see a refund for that when i file my taxes at the end of the year? 19 y/o college kid here lol don’t flame me
Help please! I just got my first part time job 8/8/22. It is 14 hours per week @ $15.00 an hour and I’m getting NO federal taxes taken out at all! I’m so confused.
For my W4 I put single, and not claiming any kids, and this is my only job. So I left the whole middle section of my W4 blank. Anybody know why no federal taxes are being taken out of my paycheck!? Will I owe at the end of the year??
That is normal. When you first start working at a job there is little to no federal withholding until you start to make more money. As your total earnings start to add up, the payroll department will start withholding federal income taxes on your paychecks.
@@JasonDKnott thank you so much!!
I went through the form, so if the itemised deductibles amount isn’t greater than standard deduction, then we’re not allowed to reduce our tax withholding? I’m sorry this is my first time filing taxes here
Generally, yes. If you plan to claim the standard deduction on your Form 1040, you won't make any other adjustments on your Form W-4. If you plan to itemize, you can complete the worksheets in the Form W-4 instructions and claim the additional amounts.
If u r not itemizing... make sure u r contributing to an HSA. This is the only way to pay healthcare related expenses with non taxable income
If I worked a lot of overtime during one week, can I put in “X” amount in box 3 and the next week reduce that amount back to zero?
In the past I would adjust withholdings from 1 to 7 or 8 when I would work an extra 20 hours in a week to take more of my paycheck home.
The Form W-4 should be completed based on your anticipated overall income for the year.
@@JasonDKnott even though overtime during a pay period can greatly fluctuate the amount of taxes withdrawn from your pay check?
IRS changed the form so they can use our hard earned money, not us. 34% tax bracket hurts when you work all that extra OT and you don't get the money reward for it. 🤔
wanted to let you know i was audited for exactly this, and i cont'd to do it with the new form for 2022 and im fully expecting to be audited this year as well. i wld to claim a 2 and then a 9 on all OT weeks. the difference was massive on my checks. prior to making the claim difference, 2 years ago without any adjustment: i paid 34k in taxes and received a $850 tax refund. last year with weekly adjustments: I paid 18.5K in taxes and i was billed 116$ for federal and $211 for state. i learned real quick that means almost 15 thousand is just missing? i didnt owe it, i didnt get it back, and i didnt need to pay the extra since i shld have been given it back come tax refund time. turns out, if you pay extra, they will keep a large chunk of it. now im audited yearly and i pay exactly what's owed. one of the reasons for this new IRS form is to make it very hard to change from 1 to 9 for OT paychecks and make it so we all pay about 15% extra on our taxes. also the line you need to change is 4B.... since no YT video will explain that if you adjust line 4b on a monthly basis for OT, you get that extra money on yr paycheck instead of being taxed and never seeing it.
How do I increase my federal withholding? My job isn’t taking hardly any money out??
Thanks!
If you want to increase the amount of withholding taxes from your employer, you can update your Form W-4 to include some additional withholding on line 4c. Any amounts you list on line 4c will be extra withholding taxes removed from your paycheck each pay period.
@@JasonDKnott thank you!
@@JasonDKnott does it have to be a percentage or amount ? I will be working only so I can file taxes and get a big refund. How do I make it that 100% of my paycheck goes to taxes so I can get it back at the end of the year. And also how do I know much much deductible I can write down. I do own a home and donate to charity.
But can someone explain how to adjust my deductions, I needed a big paycheck and tried filing 9 but it didn’t work because the way it’s computed has changed. I thought this would be in this video
Am in same boat just trying to reduce how much they taking out of my pay check but this video did not help at all. New forms is confusing and if people are going to make videos for more likes and get paid on TH-cam they should do better.
@@nachshon8602 I had to input $8600 into fed withholding and now it take $0 fed out. Just for 2 wks
@@02Huntet Thanks so much but I don't want to do $0
Bruh I literally put in a shit ton of money for the withholding and I lost my 400$ paycheck lmao
If people are searching for this, they already understand the concepts you're explaining. They're looking for an explanation of how to actually do it. This video is just a waste of time.
Instead of showing how to update the the W-4 form just as what the title said, Jason just telling us why we need to make the adjustement. What a waste of my time to watch this video.
too long winded... get to the point okay,
thanks.
Thanks for the constructive feedback! Will try and make the videos shorter in the future! Have a great day!