How to fill out the IRS Form W4 2023
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- čas přidán 3. 08. 2024
- How to fill out the IRS Form W4 2023.
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Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U
0:00 Intro
0:35 IRS Form W4 Paper Version
5:03 Credits and Deductions Example
6:55 IRS W4 Estimator
12:08 Paycheck Calculator
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I am disgusted that it takes a 14 minute video to explain how to fill out a form that used to take a minute to fill out. This change by the IRS is an outrage to demand this level of financial information when you just had to include the number of dependents. Isn’t anybody else irked by this?
you don't actually submit anything using the estimator. It's designed to be accurate. I agree that it should be simple but that's not the IRS's fault. It's congress for making laws so complex.
@@TravisSickle They have been making tax laws complex for a long time. The IRS was not mandated to change the form so drastically.
They changed it when the standard deductions changed. Don’t get me wrong, I’m not a fan at all. I’d abolish the irs today if I could along with all of our taxes.
@@TravisSickle So, was when the standard deduction went way up, it made it less complicated to do our taxes. Leave it to the IRS to eff things up and make something else more complicated. They could have simply adjusted the W-4 table to still use deductions instead of $$. The IRS needs to abide by the KISS system.
Thank you for Taking your time to make this period Video. You're really solved the problem I was having with my W4
Glad it helped
Thank you so much for this video! I can't tell you how helpful it was. I was so stressed when my paycheck had way too many taxes withheld. This cleared things up and I learned a few new things. Thank you again!!
awesome, thank you for sharing!
This video was so helpful in filling out the new very-confusing W-4 (as compared to the original - plus the older form was easier to tweak if necessary). Great info! Thank you!
And also can you do a video for single people who want to get more back on there check
Yes Please Single who want more money in their Paychecks weekly
Yes! I’m really trying to figure out how to get more back on my paychecks, as a single person the amount being taken out currently is making it hard to save money/pay bills.
@@jacobooley2814 I work 2 jobs my high paying job I did xtra withholding $5 so I hopefully won’t owe state next year and my less paying job I left it at 0 withholding single I work few days at my less. Paying job also I do little self income to help out little but ik I will get a good tax refund
This would be a great topic.
Single and no kids video please
Very helpful. Your explanation helped me reverse engineer my deductions. Great job!
Glad it helped!
Good content Travis.
It was 14 minutes of useful information as I want to correctly fill out my tax withholdings. And since I have more time than money, this works out well. Thanks again for sharing 👍🏼
Thank you for doing this video. My employer uses an online W-4 system that creates the W-4 like it is a paper form, and I was totally confused by it. Watching your video has helped understand this. Side note - the new form is supposed to "improve transparency" but wow - did they miss that goal. All I wanted to do is change my allowances from 4 to 3 because I ended up paying for 2022, and I ran into this mess.
Yeah, the whole tax system is convoluted but transparency doesn’t mean simplicity. It should be simple. 💯
Yes! I agree with this. I've filled out W-4 forms for years, but this new one has me completely befuddled. I just can't stand, or understand, it.
@TravisSickle thank you so much for this video. I helps a lot.
So helpful! Thank you so much Travis!
😊
Excellent and easy to understand explanation of the 2023 W-4 - all details explained, plus excellent tips and advice on how to fill it out accurately! Thanks!
I know this video is like 8 months ago I just wanna say thank you so much that help me a lot and keep this good videos coming. I really do appreciate you. God bless
You're very welcome!
Thank you so much for this great video. This is a game changer.
Glad it was helpful!
I have not updated my W4 in over a decade. My children are grown now and one out the home. The other employed at the home. My wife and I paid a big tax penalty last year. Tried to adjust my W4 to take more tax out and found out the exemption stuff of the past is different. They took put $9.50 out my last check. I gotta go change that quickly!
Yes claim zero if you have NO deductions to file for the next tax year.
Thank you so much, saved me $25 from asking cpa for help.
Glad it helped!
Thank you so much that super easy. I was very confused.
Glad it helped!
Very helpful, thank you!
Glad it was helpful!
Thank you thank you thabk you your work is amazing
You are so welcome
So I haven't filled out a w-4 since 2016. I always claimed 1 that way i got more money on my paycheck to pay off certain debt. But now I have to fill out the 2023 w-4. where and what do I fill in to make sure I am still getting a paycheck that looked like my old paycheck
this is great. less intimidating and good Lord, I understand now! Thank you! I will be updating my kid's w4 next year as the interest income we pay on college will have to be accounted for next year. this would most likely decrease her tax withholding if I am guessing correctly ----
Glad it was helpful!
Man you help me out a lot was a little confuse but watching video thumb ☝
🤑
Taxes are a whole nother language. Hopefully I will start to understand more and more
Stick with it. 👍👍
The W-4 forms used to be so simple. Leave it to the government to take something so easy and make it so convoluted.
Exactly. Why do we put up with this?
@@rwefree9469 slavery
🤑
Thank u
Welcome
Hi, Travis. I’m still having difficulty understanding, May you please recommend what I fill out in my case? I am single and have recently gotten accepted for a W2 job of which is asking me to fill out this form. I have worked gig apps the past year or so such as uber, DoorDash + 5 others gig apps, so the money always ranges. Is it possible for me to somehow have the IRS deduct money from my new W2 job just in case I owe taxes when the times comes, instead of I saving the money myself? If so, May you please let me know where I should write the amount I want deducted? I assume it’s only on 4c but I’m not sure. Also, do I have to write my income for each individual gig app I work for or how should I decide which to mention (if any for step 2 multiple jobs worksheet)? I’ve only worked these apps for about 10 months. Greatly appreciate any help.
Thanks
Welcome
The way you showed that presidential 3$ tax campaign note was amazing!! The accuracy with the numbers is off the charts.
🎉❤❤❤
You make some great content....in another couple of years you'll be getting millions of views I think so keep up the good work and thanks for the detailed walk-thru's...also...gosh you look and sound like Tim Robinson...I keep expecting your videos to break into some ridiculous skit!
I appreciate that!
Hi Travis. Thank you for advising on the Tax Withholding Estimator and the Paycheck estimator. I have a client that she paid her employees in the past by a 1099. We are in the process of getting her changed over to W2's. Yes, the W4 form is EXTREMELY confusing! The couple I am helping files married/joint return. They previously were both paid at their jobs by 1099. Now only one will be paid by a 1099. So...in the section that states "Check the numbers you previously entered or enter your or your spouse’s annual income manually*" Does this mean to use the annual salary of the person that will be reported on a W2 then add the spouse's income in the self-employed section that will still be reported on a 1099?
The 1099 income goes in the self employed section only.
With the estimator tool and putting the income or salary in are we putting gross only in all boxes or net.
Hello! This video I have to say was the most informative video that I have come across. I work at a Law Firm of 500 employees as the Benefits Manager in the HR Dept. I work VERY closely with Payroll as well as I do all of the onboarding and offboarding for employees. The number one concern that I am getting from my employees are that they are not seeing FIT being withheld at all in the very first few checks they receive. Of course, their W4's are updated via an online portal (ADP) and from what we can see, it looks correct. The most common I see is this occurs for indviduals that claim dependents. Now, of course, since we are by no means a tax expert or accountant, we advise them to get with their tax specialist to confirm they are making the right selections. Others tend to state that too little was held and then they are having to owe for the first time when going to file their taxes. Do you have any insight on this?? You don't know how many tax preparers/specialists I have asked and not once can provide a definitive answer. Thank you so much for your time with this!
-Angela
It’s because they’re not bothering to read the directions or use the online estimator. They simply multiply $2,000 by the number of dependents and add that to their tax credits. It’s also wrong for the IRS to make it a dependent or child tax credit section. It’s simply an all credit section. While it says that too, it’s missed by most.
Here is a better explanation… IRS Form W4 TAX ADJUSTMENT
czcams.com/video/jT1ZyzzVmFA/video.html
How does getting overtime affect filling out this form? My paychecks vary since we get overtime almost every week but it’s not the same every week
How do I go about filing a w-4 if I had a seasonal job?
Thanks this always drives me nuts lol
Glad to help
Appreciate your explanation and feedback. As I attempted to replicate your approach, I am confused over the following: when I elect married filing jointly and yes for 2nd job or spouse works including $2,000 amount on adp paycheck, it deducts more tax. However, when computing the same via estimator, the w4 doesn’t populate $2,000 amount but only populates extra withholding. Also, when I submit my new w4 to my employer, I have to do it electronically via their system, so do I say yes to 2nd job or spouse works and include $2,000. Any feedback…
watch this part again and tell me if it helps. czcams.com/video/PH6Bo5LFZ8w/video.html
So, my boss and I are the only 2 people working in the office. Small business through and through, which is why he is using Quickbooks for his payroll. We have been looking into it all week and still cannot get any answers as to why we had NO FEDERAL TAXES payed from our weekly paychecks for the last year. Did this W4 get put into effect last January?
how do i know the pay periods and when we get paid and how much i got paid (i didn't) if we are just starting and haven't received a paycheck?
What if you're single and you are an adjunct professor - teaching at multiple schools each semester but while part of the year I get paid every other week, one job is every month, and there are a few months in Summer I do not get paid at all - - How do you figure out the estimated taxes if you're not getting paid all through the calendar year? and each job is a different pay scale so sometimes I've had to have them take out more withholding to make up for the shortfalls on the other schools that pay less and take less out. How does that tax estimator work when you have multiple jobs but are not married?
Both my spouse and I are NON US citizens and I am on a long term work visa. My spouse has NO income (no job) now but eligible to work. Are we eligible to file tax as Married Filing Jointly (for income tax)? Does it benefit if we file separately?
Great info but i am a bit confused on one part cuz you speak a little quickly and i replayed also so help me here... spouse 1 and spouse two, filing jointly. Started figuring via a tax program their taxes and the program is saying they owe over 2K in taxes. I want to get their w-4 corrected (dad doing for kids) if needed apparently. Spouse 1 will have 2 jobs in 2023 (getting ready to accept new job), spouse two has one job now but is waiting for final interview result but one job at moment 2023. So if we use the tax est'or site and i put in their total income info into the form and for say for sake of example at end it says put $68.00 in additional withholding do BOTH spouses put that amount of their respective forms or just one? and what does the second spouse put on theirs? Thought we did these correct when we did the "new" forms the first time but for some reason it is saying they owe a lot and they are new young couple with no extra cash to be paying tax bills. Help us please... reside in Atl area if that has any affect on anything in the end. THX! First time to enter a comment so not sure where will see answers on here or email to me...
Hi Travis I already have extra taken out of my check for federal but I would like to take a extra on top of the extra I'm taking so my question is will the wife have to do another w4 cause I'm doing this just to have extra withdrawal?
This was extremely helpful! Using the online tool .... my only questions is when I enter the federal tax paid amount do I add my Fed & FICA together?
Just federal
Your video was very helpful. One question is the child credit. After using the IRS tax estimator and clicking the link and it fills out your W-4. It does not fill out the qualifying children amount. It does put additional credits in the blank. I am trying to increase the take home amount of my pay check.Following the estimator helped with that. Just making sure when I give to my employer I do not have to have the child section filled out. And will that affect anything. Or should I fill it in?
July 19, 2023
In the enter salary per pay period, that's gross or net?
So regarding step 3, if I want to reduce the amount withheld from each check so that I am close to break-even when I file my taxes (I don't allow people to borrow my money for free) I would just write a dollar amount on line 3 that adds to my standard deduction?
Thank you for the excellent explanation! What if the compensation consists of Salary + RSU (restricted stock unit), and the company only withholds RSU tax at a lower rate?
You can increase your withholdings on line 4c. The amount on line 4c gets divided by the amount of pay periods for the year.
Hi Travis, please can you help me out! I have been searching for an answer and no one knows🙄 my husband was put on disability from Covid so we had a major change in our income and now we owe for 2022. So now I am trying to adjust his w-4 for his employer because he is just part time there, and the w-4S for the disability company. Am I supposed to include the total income from both places on both w-4s or separate? Please help?
Thank you for the video! It is so helpful. In my scenario it looks like my husband has been having way to much taken out of his paychecks. Since that is the case the estimator takes the overpayment into account and he can add a credit of over $9k even with my new income will add a second income to our household for half of 2023. My question if we take the estimators advice. We would need to fill new W4's in Jan 2024 correct? To ensure too much is not taken out from 2024 paychecks?
Should I review my tax withholdings every year?
This was very helpful! The only part that didn’t work for me was the PDF at the end of the online estimator. I’m wondering if something has changed since this video. I did it on a Computer and phone and neither had to option to show where to enter the info on the w4
At the end, did it say anything? Might not need to make an adjustment.
Hello Thank you for you video! I have a questions regarding about the other credit in line 3. In line 3, does other credit be like mooout the other credit in line 3. In line 3, does other credit be like money you ower from the bank such as credit card bills that have interest ? thank you
Huh?
I have 23 paychecks remaining in 2023. My W-4 (MFJ-0) is still withholding $325 per paycheck for federal. I purchased a qualifying EV and want to take full advantage of $7500. Do I want to put $7500 in 3 or 4(b)?
Can you send the link for the estimator? When I go to the IRS website I only get it for 22' tax year. Thanks
Hi my wife is retired and drawing out of her IRA with tax withholdings and SSA and no taxes. I am working as a contractor for the first 6 months of 2023 and also drawing on an employee pension with no taxes being withheld. Any suggestions for me when filling out my Federal W4?
Thank you ...for joint filing should both need fill up with children dependent info?
likely not. use the online estimator.
Dont laugh at me, but with this being on the computer now, and it asks me if my total income will be $200,000 or less ($400,000 if married filing jointly) and im single by the way with no kids, i would just click yes and leave everything 0? Im so use to the old way and doing it on paper. I think for a couple jobs i just did the w4 I clicked no for that. Will that mess my money up or will they correct it?
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After I fill out the online tax estimator, I don’t see an option where I can view the filled out w4
Both my wife and I have income. We will be filing married filing jointly. How, I don't see where I include her salary on the IRS estimator. Where do I enter her salary in the estimator so I can provide a W4 for her employer?
If you’re adding a dependent, do you multiply the number of dependents by your annual income? That part is confusing to me . Thank you for help,
What if I'm already working and then I get a new job do I have to change my W-4 for the job on it currently have or just add it to the W-4 of my new job
Oh my gosh, finally someone that can explain things clearly... thank you. I am switching from contractor for a big tech employer to a full time employee so technically my employer is changing from the contracting agency to the tech company and I have to file a new W4, also because I am getting a decent pay raise and my wife maybe changing job soon, this year is gonna be complicated. We *can* adjust the W4s later on, right ? I haven't' decided about ROTH, 401K and things like that. Last, we have my stepson who is 25 and living with us since 1/1/23, no income, job, we provide 100% of his needs and support, he can be claimed as a dependent , right ?
congrats on the raise! Yes, you can redo the IRS form W4. In fact, you can use it to show how your taxes will look if you used a roth or 401k too. You can likely claim your stepson as a dependent, here is the link to an IRS tool to verify...www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent
Hi there! I am on a J-1 visa for the season. I will start a second job soon, and I want to know how to get the w4 correctly. How should I manage to calculate the step 2 b needed charts correctly since they are both seasonal jobs?
I am in Colorado. Also, do I have to file for a tax return from last year if I only worked December?
Suggestion for this video at 9:10, suggest a simple way or online tool to calculate accurately the income for the rest of the year (it's very unlikely someone is going to start a job on Jan 1st).
They updated it now to show just that.
Thanks. Im trying to have more taxes taken out so I can see a larger refund.
This video is helpful. Only thing is when you use the tax withholding estimator from your mobile phone, it doesn’t give you the option to view the W4 they calculated:( unless I’m missing something? Thank you for your help!
July 8, 2023
Should I be inputting married because I file jointly? Currently on my w4 it’s single but I file jointly.
Using the same salaries you provided, how would the tax withholding numbers change if someone were to only fill out Step 1 and check the box in Step 2c?
I'm trying to understand this, so i have my daughter that is working part time and is going to college... we just noticed that she's not getting taxes that much on the federal side and was told to us that she has to fill out the W4 forms again to add extra tax withhold? So problem is we don't even know how much more? or where on the paper to fill ot out? Her job isno help and my tax person doesn't know either so I'm trying yo understand how to fill out this forms?
For myself as a mom i still claim my kids as dependent so do i need to put that on the W4 forms as well? I don't get it.
Question, how would I update my form to take the required taxes out? I followed the steps in the video but I'm still confused as far as the w-4
July 19, 2023
I filled out a form for withholding on my pension payments, and am confused about why I am also asked to enter the income from my part-time job- I already have taxes withheld from that income.
My wife and I both work as teachers currently, but also now have three kids after having twins in December. She wants to come home. Currently, we have the max held out of both of ours as we both have single with no dependents. How do I adjust ours as if I was just working now? Could I still use a previous check stub?
as long as it's after January 1st pay period, it will work. A good idea is to check it again after you submit it and receive another paystub.
Hey Travis, I have 3 jobs including my wife’s which she started this month.
Do I leave step 2 blank on all our W-4s and fill out with the estimator?
Use the estimator and enter in all the jobs for both of you. At the end, it will give you a W4 for each job.
Dumb question but if I'm single and have no dependents and only 1 job do I skip to step 5 and just sign? And then that is it for me? I am new to this and I don't want to make a mistake.
What if I'm already working and then I get a another job? Do I have to change my W-4 for the job i am currently at? or just add it to the W-4 of my new job? Wouldn't that be 2 w4s for one job
Excellent video. Would you consider doing a similar video for those of use that receive social security? I just used the W4 calculator and it printed out a W4 that had: $0 in 4(a), $13,611 in 4(b) and $444 in 4(c). I'm guessing the $13,611 is reducing the taxable amount of my social security and the $444 is my monthly tax payment. I haven't figured out how to verify all that.
I can do it. Become a channel member and I will. Just message me once you do.
In the online tool, do you use gross or net figures for salary information?
Gross
Hello, thanks for sharing this information, I am a bit confused with completing this form as an adjunct professor, I only get paid when the semester begins. The amount of pay May change, as well as the frequency of pay may change every 3 months, and now I am being asked to completed a W4 for a new part time job. Not sure how to calculate, any suggestions to get this as accurate as possible? Any suggestions would be helpful
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Hi Travis! Thanks so much for this info, it cleared lots of doubts.
I have a question, somewhat related to this topic. I'm a traveler healthcare worker, and I would like to see if I can get clarification on housing stipends. I get X amount of dollars a month on housing stipends, tax free. do i have to pay taxes on the amount over the monthly rent?
for example, i get a monthly stipend of $1500.00 for housing, tax free, and found a short term, furnished that charges $1000.00 per month. Are those $500.00 dollars subject to taxes?
Thanks so much!
did you find the answer?
So would step 3 entering any other credits would that be considered trade schooling?
if I filed exempt and been exempt since 2012 and the company took the money out anyway what recourse do I have when they claimed they sent my money to the Government??
I'm trying to adjust our withholdings so that we receive a larger paycheck, as we always receive a large refund. We are confused as the W-4 is different from when we originally filled it out years ago, we used to simply increase the number of dependents. Now it is almost like filling out the deductions worksheet on the tax return. We are afraid that if we fill it out incorrectly, they will take even more out of our paycheck and we've been warned it will be impossible to turn it back to the way it is today! I've tried multiple times to use the IRS estimator ,but still am completely confused. 🙄
Did you use the paycheck calculator after using the Estimator?
@@TravisSickle i do not see a paycheck calculator-- i see a "paycheck Cleanup", that didnt really tell me where to go. I did however just complete my 2022 tax return, so i think i can use this to estimate what i would want my withholdings look like--- the confusing issue is that one or possible 2 of my children will no longer qualify for the CTC. The estimator does not clarify when the age 17 cut off comes into play :/ I certainly don't want to get a penalty, so i'm trying to figure out how i can get my pay MOSTLY in my paycheck , and a minimal refund....and no penalty, and to get it right the first time i file a W-4
Same
If i'm expecting to receive a tax credit of $7500 from purchasing a Tesla, should I put in 7500 in the total of Step 3?
Thanks for the info. A correction for 4c. It adds per paycheck, not per year. if you put 2,000.00, it would take an extra 2,000 withholding for EACH PAYCHECK. Otherwise, very helpful video. Thanks!
yeah, great point!
I need to recognize an additional $1000 in deductions for 2023(higher itemized deductions). On Line 4B do I put $1000 gross or do I divide by the number of pay periods remaining(say 24) and enter $41? Thx Travis..love the site.
Gross
@@TravisSickle Thx Brother Love your site!
I want less tax taken out of each check. Can you tell me what to put in section 3 and/or 4
I wanted to clarify that when filling out the wages and year to date amounts on the IRS tax withholding estimator that we should use gross wages? The online estimator does not really say if it is gross or net wages?
Gross
As a single person with no dependents, what would you recommend someone like myself fill out? I’ve been trying to find any info on how to fill out steps 2-4 if applicable, and people who have said filling out 0’s is now illegal. With the changes for this form, any clarification would be very helpful! Also, any advice on if you have other side income gigs (I.e. Uber, Lyft, etc.) as far as reporting that on the 2023 W4 form? Especially if you’re not sure how much money you’ll make, whether actual/estimated for the year? Thank you in advance!!
Zeros is not illegal. Zeros doesn’t give you zero withholdings either.
@@TravisSickle I appreciate the confirmation! I had filled out all 0’s for maximum withholding, as I’ve done before, but just wanted to double check first before fully submitting the form to my future employer. Thank you, Travis!
@@ashleyzimmerman4970 zeros are not max withholds either. But if you only have 1 job, you're likely fine with using zero. If you want to withhold more, add to line 4c.
@@TravisSickle EXACTLY.....I work with this daily and to have NO Taxes withheld you have to write the word EXEMPT not 0
@@dianacouch2551 on what line do you write excempt?
Any tips on part-time work that is gig-based? I have really no clue how much I'll make this year with one of my jobs. For instance, had 2 gigs in March, 0 in April, and 3 so far this month, likely to be 4 by the end of the month.
It's a best guess. The more you earn, the taxes will adjust. You can always check the estimator against your paystub.
Do you do one on one consulting? I need help filling out the form and I have questions.
We do. Also have help to do the w4 quickly bit.ly/3FJ6w8U
If married and my wife now has a full-time job but we have 2 kids, so what are my options for receiving a larger paycheck? Do I need to remove the amount for my 2 kids as dependents, which currently totals $4000?
IMO yes bc filing married already puts you in a lower tax bracket 😉
Hello Travis, I am in desperate need of clarification here. I am single and I live alone. I just got a new job, hence the w4. I want the very least taken out of my paycheck as I can legally get away with. How do I claim myself as a dependent? Do I write 2000 or a 1 in the 3rd box? This is worse than going to the dentist.
You can’t claim yourself as a dependent. Just go slow and follow the video. I’m going to prepare more videos as well.
Bruh all i want to know is where I place 0 on the new form for withholdings idk why they changed it so much.
not a thing anymore.
@@TravisSickle So what is the answer now?
Where the calculator asked for the number of jobs, is that combined with my spouse or just for me? Married filing jointly, and we each just have 1 job.
Expecting our first child in a few weeks, so I want to get this all sorted out.
Combined…it will generate w4 for each job. Resubmit new w4 to all jobs.
Travis, I get a large sum of money on a single check next month. I want to take as little as possible out of taxes for that check to keep as much of that check as possible. How can I tweak my W-4 to do this? Before tRump changed the tax process, I would only go in and add 10 for that check. I need to know how I can do this. Thanks!
If you want less withholdings you could increase the credit section however, I would run it through the online estimator to check.
Should the wages entered be gross pay or net pay? My guess would be gross but I would rather not assume on this kind of stuff. Thanks for your help!!
August 11, 2023
So where do I claim 1 for myself?
What specifically do I change if I simply want the maximum amount of net pay per paycheck? Ideally what I’m aiming for is little to no return come income tax return time, but I also don’t owe, and get the maximum payment weekly per paycheck. I’m single with zero kids so I don’t have dependents and I’m not sure what I can legally change on the W4 to make these adjustments.
July 8, 2023
So far, still super confused. Why did they change it?!? Why can’t o just claim zero and they take more than they need to take so I don’t owe anything
link for more help in description.
Having trouble filling out my w4 trying to figure out why im not getting income back
Hi Travis, the video is really helpful. I just have a quick question. If I am in the USA and my wife is back in India, what option should I select on the first screen? Do I have to mention that I am single?
If I want a bigger refund do I put more on line 4c.. I’m single with no kids only have 1 job all year
What happened to A-H one right under the other so I could put all $0.00 to ensure I owe nothing and get the biggest return???? When did all of this change to all of these HUGE amounts? I don't want to owe!! You're not saying anything about that for section 3!!!