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W4 exceptions
Posted on 2/3/21 at 10:44 am
Posted on 2/3/21 at 10:44 am
I have 2 kids and married filing jointly. With the new W4 you multiply dependents by $2,000 and put that in the exception section instead of the traditional 0-3. Does this sound right? I’m confused. Thanks!
This post was edited on 2/3/21 at 10:46 am
3
Posted on 2/3/21 at 11:00 am to TachussGut
IRS Tax Withholding Estimator
ETA: And I suggest using the calculator above because I was confused by the updated W4 as well.
ETA: And I suggest using the calculator above because I was confused by the updated W4 as well.
This post was edited on 2/3/21 at 11:01 am
Posted on 2/3/21 at 11:01 am to TachussGut
I honestly don't know the difference between dependents and exemptions (which is what I think you're referring to here). Never have really understood the difference between the two. I know this, though. I recently started my taxes on TurboTax and though I haven't submitted it yet, we were very close to zero for the year - meaning we paid just what we were supposed to pay, nothing more nothing less.
This post was edited on 2/3/21 at 11:03 am
Posted on 2/3/21 at 1:29 pm to TDsngumbo
I need to mess with the new form myself.
We pay a lot in taxes and still got refunds. I stopped trying to fine tune it because the itemization would turn thousands of paying in to thousands in refunds, and I figured that would whittle down over time.
This year, it didn't swing it to a refund as of yet. Income may have crossed a rubicon of tax burden I need to fix on the W4 so that it doesn't get worse to the point of underpayment penalty someday.
Open to suggestions or someone calling me an idiot though
We pay a lot in taxes and still got refunds. I stopped trying to fine tune it because the itemization would turn thousands of paying in to thousands in refunds, and I figured that would whittle down over time.
This year, it didn't swing it to a refund as of yet. Income may have crossed a rubicon of tax burden I need to fix on the W4 so that it doesn't get worse to the point of underpayment penalty someday.
Open to suggestions or someone calling me an idiot though
This post was edited on 2/3/21 at 1:32 pm
Posted on 2/3/21 at 1:34 pm to TachussGut
That new form is shitty. Put down what you want and check your withholding on check stub. Then if you need to add more, just add a specific amount. I find that new form does not withhold enough.
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