How To Set Your W4 Tax Form to Get a Refund or Break-Even
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- เผยแพร่เมื่อ 25 ม.ค. 2020
- Click here for our video on how to fill out a W4 Tax Form: • How to fill out a W4 Form
This is the W4 Explained on how to set the W-4 tax form in order to get a refund, break-even, or even a tax balance due when you do your tax return.
The W4 tax form 2020 is a revised form compared to the 2019 W4 tax form. In the 2020 W4, there are no more such things as allowances. The W-4 2020 eliminated this system. And it will not reappear in the W4 tax form 2021 either. So in this video, we're going to show you how to fill out a W4 form to get your desired results for when you do your tax return.
So this is a more in depth video about the 2020 W4 explained rather than a tutorial on how to fill out a W-4 tax form.
If you want to set up the W-4 to get a big refund, then we'll show you how to fill out a W-4 form in order to achieve that result. If you want to know how to fill out a W4 form to under pay your 2020 tax or your 2021 taxes, then we'll help you with that too.
We hope you enjoy this video about the W-4 explained and I hope this helps you with your 2020 taxes and also your 2021 taxes.
Sincerely,
The ClearValue Tax Team!
Pelosi clearly stole the rip up from you!
OMG thank you for calling her out on that one! Yes, I did that a few days before she did. She totally RIPPED that one from me. Get it? LOL.
At least he didn’t have to pre rip it😂
ClearValue Tax can you help me out with this new tax form bc I use to claim 0 but sick of Uncle Sam taking to much from me so I want to change it to a 1 but not sure how it done with the new form
but trump did not
Pelosi is a beta unlike Chad Trump
4 days. For 4 days i read everything I could when I had time to try and understand the 2020 w4 to full comprehension. I was still confused until this video - thank you
Thank you! You have no idea how stressed out I have been trying to figure this out going from head of household, one dependant, and one job to single, no dependants and two jobs. I can't believe I did not think of looking it up on TH-cam sooner. My HR don't know crap. So I have been left to fend for myself. I've looked all over everywhere and have been so scared to make adjustments that would leave me broke! You are my hero today!!!!! Wooooo!!!!! 👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
You understand how to teach very well and and break things down so that anyone can understand. You explain things we all wish we would have been taught. Thank you! 🖤
Best video on TH-cam right now! Thank you thank you! I had been struggling with a lot less in my paycheck in 2020 with the new W4. I'm a commissioned sales rep so I'm taxed heavily and always receive a large refund. With the 2020 W4 I was lost and I couldn't find a good explanation. Your video was great. I went right online and did my adjustments to my 2020 W4 for my payroll. Thanks again!
I'm sooooo happy to hear it helped! Thank you so much for the feedback and kind words, I appreciate it Reeshard!
This needs to be taught to kids in middle school...
My 12 yr old son was just saying the same thing!
High skool
Amerikkka doesn’t want us to be great without them being in control
Why? How many middle school kids are filling out W-4s??
@@mr.mikedaniel2376 be that as it is in their current circumstance
The extent of which taxes affect us all
Demands knowledgeable to the proficient degree at an early age
I am so happy I found you! I am going crazy over this new process! I didn't realize the form had changed, was on maternity leave and had gone exempt to get my xmas bonus. Upon changing my what I thought was exemptions, i listed 6 as I've been doing for years. This triggered no federal taxes being taken out. Call my HR and they said I was now given a deduction as exemptions were removed. I freaked out and changed my form, left everything blank except where it asks if I have kids under 17, I listed 3. Had a federal refund of about 2800 in 2019 (only had 2 kids then, I have 3 now. I just did my taxes and got 4800 back from fed. Married filing jointly with 3 kids. Currently I'm the only one working since daycare insanely expensive. This year I'll make about 60-65K. I definitely don't want to owe and would like a little something back next year. How can I achieve this? If I set the form to maybe take out about $55 a check will I be ok? Or will leaving it with 3 kids will I still be ok? California resident. PLEASE HELP!
Good information! The irs is not clear, thats why we have CPA/lawyers. What I enjoy about your videos is that you speak to me as I’m a 4 year old. You keep the IRS bs so that I can get my head around there wording. When I was working it was tough. Then have to worry about my taxes at the end of the year. I would often say,”Why did I do that extra work/money only to pay extra taxes and not spend the time with my family “ Been together family 35 years, 71 years old now and divorced . Hopefully your readers will understand that , not having a good CPA could add extra havoc ... Bob
For such a complicated NEW form you broke it down for dummies! Thank you sir, you rock!
Thank you Josh, YOU rock!
You know Brian, you are pretty amazing. I just want to say thank you for all the information you put out here and I can't believe how many people you answer with their questions. I read through the comments and found my question about the messed up IRS calculator telling me to add additional tax money when I want to drop my refund from 1,500 to 500. Thank you for answering and I can do the math on my own. Just thank you for answering people, it is sooo helpful.
Hi Margie, yes, I have a lot of people telling me the same thing that the IRS calculator is outputting bad advice and recommending you add more withholdings when you trying to reduce the withholdings. Perhaps the IRS is trying to trick you for their own benefit? haha, jk. And thank you for the kind words. I'm just trying to help as many people as I can! But thank you again for your kind comment and your support Margie!
Did they fix the calculator?
It's needs to be disbanded
Perfect. I was really clueless. This was the simplified version I needed.
You have a new subscriber. This was the only vid I found to confirm that anticipated tax credits can just go on line 3 directly with nothing being on the dependent lines. I know the instructions say it can be listed, but wasn't 100% if there were any other notations needed. Thanks again!
This video helped me out SO MUCH. I have never understood taxes and have always put exempt since my first job…I now owe MAD money…but I also now know better thanks to your video. Thank you so much
It is funny watching older videos of B and still seeing his passion hasn't changed! Thanks for this video, as I wanted to get closer to the Small Balance Due. Thanks!
Clear, concise and simple! Much appreciated, Bryan!
Love the way Brian explain Taxes...thank you sir!
This was by far the BEST breakdown I have seen so far! Kudos!!
Thank you!!!! seriously, all the other videos people don't take the time to explain each step the way you did!
This is the Content that makes SENSE! Thank You. Keep it quick and simple. It makes sense.
Thank you for making a clear cut video that explains everything in detail! We appreciate it !
OMG thank you so much for this simple explanation!! I was going crazy trying to figure out the new w4 form. Great video
You drop such good knowledge, thank you.
Thank you for this... was extremely helpful !!
Great video. Very clear very simply put. Thanks a lot!
Thank you very much for this video instruction. Very helpful to us that aren't tax savvy
Very helpful! I feel like you never get the credit you deserve for the work you do, Thank you !
there's a tax pun in there somewhere. well played. 🤣
Love your channel, am an aspiring CPA/Accounting Student and your videos are very inspiring!
Wow, you are the accountant of the future, or the accountant Apostle.
Very straight forward explanation.
Thank you.
That's the first time I've been called that, thank you Angel Torres!
Man you are better then most these pastors out here I appreciate this gospel you just preached 🙏🏽
You posted this on my birthday. Thank you for sharing!
Happy belated birthday Oblong Polka Dots!!!! How old did you turn 21?
@@clearvaluetax9382 Close, 41! Thank you! :)
Thank you for this information. It is very much needed and very educational!
Thank you, thank you. I have to change my withholding and I was totally confused with the new process.
Thank you, Thank you!!!! Excellent explanation. 😎
Ah thanks sooooo so much Skylar, I appreciate it!
I’m so confused by all of this….thank you!!! This helps
Thank you! U made it understandable!
Thank you for making it clear and concise to understand
Why do I have to spend time trying to figure this out? The IRS is a joke. They know exactly how much we should be paying and they take extra by default.
Thank you for this video. I just filed my taxes for 2019 and was in tears over how much I owed. I was claiming S-2 on my Federal when I lived in Texas, but moved to California and never adjusted it. (RIP my wallet) I requested a new W-4 and was completely unfamiliar with it (which just made me feel worse) Here's to hoping I don't owe in 2021!
I'm sorry to hear that happened Lauren =( Yes, let's make sure that doesn't happen for 2020 when you file those taxes in 2021. Thanks for watching and for your support!
Oh LMAO California doesn’t play. Born and raised. Currently being taxed $1300 per month on my measly 68k salary. That’s why I’m on this video - hopefully I’ll figure out how to manipulate step 3 to have more money per month and owe just a few hundred dollars 🤞🏽
I love you man. All i needed was to write exempt. I pay over 37k in taxes and i want to invest it to gain interest before paying it back.
Thank you so much for the video! very helpful info
I'm so happy to hear that, thank you for the feedback msj5210! I appreciate your support!
Never understood this thanks for explaining 👍🏻
Thank you very much, you made this so understandable
Yes! Thank you so much! Great info and videos as always
That recommendation around step 3... very helpful and simplified it nicely. Thank you!
thanks for the info, i learned some new things!
Great video!
Great explanation!
Do you have any youtubes that we can use to teach Working Minors how to file their taxes, I've used your 2020 W4 youtube in class, so they know how to complete it properly. Thank you
Awesome, and thank you so much Mrs Whetzel, I appreciate your support! Unfortunately, we don' t have a video covering that topic, but you know what, that's a GREAT TOPIC to discuss. Thank you for your suggestion and feedback, I appreciate it a lot and it helps a lot!
If you don't already do so, you should teach. Outstanding job.
Thank you so much - great video
Thank you for the feedback Patrick G, I appreciate it!
I'll do this after I get my next job. Thank you so much sir!
4th class of your teaching today. I'm going to have to rewatch I must say. Is there a % one should use to set aside if you want to pay more on April 15? In addition if you have to pay in a lot won't you be required to pay quarterly taxes if your not a business and work for a business. Once again thanks for class.
Hi Comment, that's hard to answer since how much you should set aside depends on your income level, as your tax rate depends on your income levels. But you generally don't want a big balance due, if you do, you could be getting penalized for the underpayment penalty.
Thank you for your videos.
You are a genius. Thank You 🙏🏾.
Thank you so much for this information!
Very helpful, thank you
Thanks again Ed for the support! Have a nice rest of the weekend!
Excellent Information. Thank you, sir
Thank you for the feedback and kind words Byron, I appreciate it!
This change on the w4 forms are gonna screw a ton of people next tax season...
What about soc.sec
People!!!???
It did! We owe over $2k after using the estimator tool last year!!!
Yeah I got screwed this year lols, you a psychic
Yes i'm one of them owe now over $3k! :(
Yup. They fucked a lot of ppl
Thank yoooouuu for this!!! Sharing to all!!
Thanks for the informative video.
Thanks for the feedback and for your support Hagar, I appreciate it!
Great video! Easy to understand. You should have a higher audience count for the content your providing.
Thanks again wishing you continued success!
Thanks so much tlbue32! I appreciate that comment and that feedback. I've had my tax practice for 10 years and I just started making these videos for fun just last year. It seems like people are enjoying my videos so I think I'm going to keep at it! Thanks for the encouraging words tlbue32!
What are the penalties and ramifications of claiming "exempt" or increasing the dependents claimed (when you have no kids) in regards to the goal of keeping as much of your paycheck throughout the year. I.e owing the IRS during tax season instead of receiving a refund.
Okay I have a question: If I did exempt and only wanted to use that method for a few months, will I be able to adjust it before the end of the year?
Will putting down head of household vs single take out more from my paycheck or will I keep more?
Excellent break down!
Thank you that helps me a lot 👍🏻
Thank you very much for explaining this! I do have a question in regards to inputting this information to Quickbooks Plus Online. Not sure if the amount should still go in the "Dependents" box?
This is wonderfully helpful 🙏
Thank you my friend!
Does writing exempt in part 4(c) mean you opt out of federal,state, medicare and social security? Or is it just federal?
The visual really helps. Thank you
Please do one of these for the 2021 w-4 form! I want to break even or get a VERY SMALL refund. Married, filing jointly. Make under $40k per year. Used to do M-2.
Can you still check " married filing jointly" and "exempt"? My wife changed schools and they are taking about 45% of her pay in fed tax. I have all we need deducted from my check so I need hers at. zero or nearly zero.
Thank you!
Thank you for watching and for your support Tia!
Understood it correctly thank you
Hi Brian, I have a tax question. When I first started with my company they took out state income taxes for WI; I live in TN. I was eventually refunded the money. However, I have received my W2, and box 15 has WI. I still live in TN. I was advised the W2 is correct. Box 15 has WI because I was refunded the money. But when I enter this information online, I am paying taxes. Shouldn't box 15 reflect where I live?
I did exactly that for small balance.. and manager said I did it wrong etc but clearly I had it right according to this explanation.
Thanks much! Helps
Thank you Christina for watching and for your support, I appreciate it!
Taking a Time Machine and I thank u Sir.!
Quality Content. ✊🏼
didn't learn anything from this. basically your answer is to read the W-4 form and fill it out correctly. I'm not a tax professional and don't understand legal/tax jargon. If I did then I wouldn't need to watch tax videos.
Thank you for the help!!!!!!
Easy explanation, thanks
Hi Elissa, thank you so much for the feedback! I'm so happy this was easy to follow. Thank you again for your support!
My experience, doing both payroll and taxes, the withholding tables now are low. I almost always override the withholding to 10 - 12% fed and 5% KS. In 20 years, this is about where most of my clients wind up most of the time.
I have no dependents and want to break even. Do I put the amount I want withheld on the “total” line in step 3? Do I have to write in names in that section?
Gracias por compartir tu conocimiento con nosotros! 👍🏻
Luis! Muchas gracias por su apoyo!
You are the man ! Thanks for breaking this new IRS shizz down.
Excellent teaching and love the graphics. Keep helping us. It is greatly appreciated. Love your energy and the way you share your expertise.
Hi! Thank you for your reply! Then what should I do?
Hi Ishta, if you didn't see it, if you don't have a kid, then you'll leave STEP 3 blank (don't input $2,500). If you do, you'll owe $2,500 when you do your tax return.
Thank you I was pretty close I knew a little something 🙂
Starting the year right thanks
So if we type the word "exempt" on Step 4c where it says "extra withholding", should we NOT put anything in step 3 "Claim Dependents" section? Or can we still leave step 3 filled out in addition to writing "exempt" on step 4c? I only have 1 dependent if that helps to answer your question.
Thank you very much for the response I have subscribe to ur channel I am looking forward to watching all ur videos keep it up very informative..
Thanks so much Miguel for the kind words, it's very motivating to me! And thank you for the support, you're awesome Miguel!
There is one part that confuses me. I want to do one of the new w4's to break even. However, we are already in March, or 5 paychecks in, as I get paid biweekly. How do I account for the overpayments I have already made? I know you said they take it out over the whole year, so how do I make up for what I already overpaid to still end up at a break even point?
omg thank you thank you thank you thank you thank you i literally love u sm for this you helped me sooo muchhh
I enjoy your explanations! Easy to understand! Question......since I have a pre-tax 401K and a HSA, these $$$ amounts are deducted prior to my taxable income. I assume that the Federal tax is calculated on the reduced amount. I work and my wife does not. If I fill out the W4 Married Filing Jointly, the taxes amount will get me to break even? Correct? If I have interest income that I claim at year end, do I add extra withholdings to cover these additional taxes? If so, how much? Also, how do you read the confusing table on the W4? This makes no sense to me??
Hi Kevin, if you claim extra withholdings, then that should take care of the taxes on the interest income. So that should lead you to break-even. And you wouldn't be using the tables for the W-4 if your wife doesn't work. That's only if both spouses are working. I hope that helps!
Quick question. If I check exempt from my tax with holding, will I have to pay a fee at the end of the year on top of the taxes I owe? Or just the taxes I owe from income? Thanks
Good question would like a answer to that as well
Regarding Step 3 you mention I do not need a dependent (Dependent implies a person like a child or elderly? Which I do not have) If I want a 1000$ of less tax taken out do I fill out the the second portion where it’s increments of $500? Or do i enter this in the total?
Are the allowances similar to the additional dependents in step 3?
You are the man mi amigo
Do you suggest filing exempt for 3 months for a 22yr old like me who makes around 35k a year?