IRS Form W4 TAX ADJUSTMENT
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- čas přidán 26. 05. 2022
- IRS Form W4 Explained. In this video, I'm talking about the IRS form W4 and how to control your tax withholdings. I'm explaining how to W4 works and how to adjust it for credits or deductions. You can choose to get a bigger paycheck or a bigger tax refund.
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#travissickle
You’re sitting here smiling telling us this information and we’re still looking like 🤯. I’m just trying to figure out how to take the least amount out of my pay check. This sounds like a math class.
Right! Same 🤣🤣🤣🤣
It's literally 4th grade arithmetic
@@yeah_right88 explain it then...make a video and explain it and help out the people who need it rather than "oh this is so 4th grade and I'm so much smarter than everyone here"
I thought I had it, then my taxes went from a high 38% being taken to a whopping 42%!!! 😮😬😳🤯 I’m gonna watch this again but before I do, I’m with commenter Cortney - HeLP! WHAT LINE DO I PUT WHATEVER ON TO HAVE LESS TAKEN OUT!?! Maybe I’ll understand after I watch this again. I am not salaried. So far this year I have one job that worked one day and will get residuals from it. NO clue what that will add up to, so had to GUESS income for year. I put my GUESS on 4(a)… (was told since I’m not salaried, to put my guess there) …now that I’m reading it, doesn’t make sense. I’ll figure it out and change it, but for now, federal taking even more out is 😂 but not haha. more like grumble and sniff 😠😢
Filling out the w4 won’t change your total taxes. You’ll pay the same total, it’s just now vs later.
I thought the New W4 was suppose to be easier to understand & DO 😭 this vid sounded like MATH CLASS
this video is soo helpful omg I was looking at my old pay stubs from 2021 and holy moly I got taxed like crazy, at least 2k a month was taken out of my pay, CA sucks for taxes..so glad I left.
Awesome video. I'm definitely showing this to family and friends . Thank you!
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.
Thanks Travis 😊 your video helped me a lot, more confident for 2024 tax year
I appreciate your work and info
Really good video my friend, thank you!
wow. That was super helpful! Thank you!!
This is well explained. Thank you so much! I have learned a lot with your videos.
Amazing video! Thx!
Thanks. For those that are anticpating a $7,500 EV Tax Credit in 2024 for purchasing an EV in 2023, how would I adjust my W4 to get this $7,500 up front this year? Just add $7500 + $2000 (i have one kid) on line 3?
🔥🔥🔥 your the truth bro, best explanation
Appreciate that
Bingo! Thanks for pointing out the W-4 link that fills out the form for you. I was at a loss after filling out the online info until your video.
Omg, thank you for explaining that for us. It is still a bit complicated, but at least I understand it better.
Excellent!!!!!!!!!! Thank you 🤓
Glad you liked it!
I’m still lost :-(, I want a bigger pay check , I want to reduce my taxes coming out every check
How can I get a bigger paycheck?
Bigger paycheck@@TravisSickle
One thing that drives me crazy about all these tax videos is that you guys never talk about what happens if you don't stay on top of your w-4s. My wife changed jobs last year and never updated her w-4s and this year we learned about the underpayment penalties and got hit with a huge tax bill. I think the focus really should not be on how to get the most money back (especially because that means you're getting money back that you weren't building interest on that you would already earned) but instead, you're focus should be on how to minimize your tax liability.
this is way too complicated. my only issue is why can't i have the ability to have the least amount of taxes withheld? what do i do
the least, as in zero? That's just filing exempt, assuming you qualify. Most accurate? Then use the online estimator. That is the only way.
@@TravisSickle Can I get to where I get zero withholding, invest monthly what would have been withheld, and invest it. So at the end of the year when I have to pay, I have the money, but I get to keep the interest?
@@TravisSickle can you answer this person's question? I had the same one
@@Cinelution Exactly what I'm trying to figure out how to do
Do you have another video explaining the multiple jobs?
Thanks for the video! Question, for the EV tax credit, do add 7500 into the “claim dependents” box or divide that number by number or paychecks per year?
July 19, 2023
Hello,
Thank you for the knowledge you have provided. It's helping me a lot. I do have a question in regards of the $10,275 * 10%? How did you get the $10,275 after the standard deduction?
This may help… How tax brackets work
czcams.com/video/f0TIwsVHH88/video.html
Hi question, can please help me calculate mortgage interest (13000)and state taxes( 15000) and medical expense less $12000, for W-4 form?
I did my w4 i got tax exempt i was getting taxed $500-$600 per check i ad justed it and got my pay check free
Thank you for sharing your knowledge and helping us better understand this new complicated form. Just a quick question. I used the online estimator about 2 months ago and entered the amount it recommended to get close to a $0 refund. I entered the amount on the last line in section 3 and submitted a new W4 to my employer, however, I have not noticed a decrease in the amount of Federal taxes being taken out in my last few pay checks and I get paid every 2wks. The amount coming out for Federal tax is still the same on my pay statement as it was before I made the adjustment and submitted a new W4. I assumed that making the corrections suggested by the online estimator would decrease the amount of Federal taxes being taken out each pay day in order to get me closer to a $0 refund. Am I missing something or maybe my adjustment was correct and this all comes together when I file for 2022? Thanks again.
On the last page, is the anticipated the same as actual taxes? That could be why
@@TravisSickle
I figured out what I was doing wrong. I was using the amount the estimator was coming up with for my wife’s income to input into section 3 of the W4 instead of mine. A small oversight on my part. Thanks again. 🙏🏼
@@32NinerBravo glad it’s fixed, thanks for sharing!
👍
So if I'm not anticipating getting any refund from my tax year, I should adjust this so I owe 7500 to be able to receive the text credit for 2024?
I want to reduce my refund to boost my paycheck and when it adds a tax credit on line 3 do I need to put anything where it says "multiply the number of qualifying children under 17 by $2000" and where it says "multiply the number of other dependents by $500"? I don't have any dependents btw.
Great video, quick question on the third example with the estimator adding a tax credit ( in your example 7802) to get to 0 refund, does there need to be a qualifying tax credit to put the number in or can you just put that in as suggested by the estimator
You should put whatever the estimator says regardless if you have dependents. It’s confusing and should be fixed by the irs.
No, there does not need to be a qualifying tax credit.
Travis,
Can you do a W4 example video for a bonus check? Last year my bonus got crushed with taxes.
July 17, 2023
Hi Travis I found your video helpful but I have a question. On the W-4 line 4b, does that amount of deduction include the standard deduction or is the amount entered online 4b in addition to the standard deduction?
In addition, just make sure you’re not doing your own math here. Use the online estimator.
That didn’t answer the question
@@stretch6109 I think you misread my answer. It’s in addition to the standard deduction. The answer is, “in addition,” to the amount entered on line 4b you will also receive the standard deduction.
Hi, how do you use the tax withholding calculator if you have a new job you haven't started yet? I want to reduce withholdings so how would I fill out the W4?
I did this and it said 19,000 and some change credit and hr said it’s wrong and wouldn’t process it? Please advise. Commission work plus bonuses
I have been doing uber and papa pal since the first of the year. Now I am getting a job with a W-4 Form and I am lost in what I do.
does the website you recommended work for 1099/self-employments?
if so please do a video on that. I think you would really be a big help to all.....
Sometimes. Depends on the total situation. You can withhold via the w4 for the self employment but it’s not solely for it.
Y'all young kids would have a severe panic attack if you had to do taxes using only books you had to get from the local library or some place during tax season. And wait months for a paper check lol Pre internet days.
Single no kids.
I need to know how to get the bigger check BUT I DO NOT WANT TO OWE BECAUSE ENOUGH WASNT TAKEN OUT!
so what's the correct way on these lines put 1on 3 and a$amount on 4c?
Thank you
Biggest paycheck possible without owing taxes
Do I calculate all the taxes for the credit? Like Medicare and SS taxes included or just the Federal withholding?
Just federal. The best way to do this is the irs form w4 online estimator.
Thanks for the great video! On the calculator on the IRS website, the number recommended is to get $0 refund. What if I wanted to make it so I get to the point of owing the government above a certain amount (for example 7500 that I'm trying to get to for EV federal tax credit)? My understanding is that I have to have over 7500 owing to the government to actually get that credit, is this correct? Thanks again!
It means it is non-refundable. So it could reduce you tax liability to zero but not below.
you can also enter your EV credit on the estimator.
@@TravisSickle Yes, I did do that. But again, they are advising so the refund would be 0. I'm looking to adjust the W-4 so I can be at a point of owing the government more than 7500. Any tips on that?
Play educated myself quite a bit. How much do I put in box 4B to get an extra $100 on my paycheck. I have only one $8,000 a year IRA contribution
Great Video. I sub as a dental hygienist however I only accept W4 and never 1099. On average I work 10-15 jobs a year. I love a bigger refund so in the past I would file single and 0 . Would filing single and then not claiming dependents provide a smaller check each pay period and more back in a refund due to overpaying? This newer form is harder for me since I work so many jobs in one year.
Yes…you would likely be so much better off 1099. Unless there are other benefits like health or retirement matching.
How do you increase taxes withheld on more of a percentage basis. my wife has an extra job and the way we filled out the W-4 the system is not taking out any federal tax taxes. I think it’s because we have $8000 in the step three. But her hours vary per week in this extra job so taking out a fixed amount every pay period (4c) is not consistent. I know the effective percentage that needs to be taken out every pay period. How do I translate a percentage into dollar amounts? It also gets confusing when the job was started in the middle of the year.
Can you do a video specifically on how to fill out the W-4 to get the entire $7,500 EV Tax Credit for next filing year? Just one example walkthrough with married filing jointly with 2 incomes ($100,000 and $20,000 income) would be great!
Would definitely help me figure out how to adjust my W-4 to accurately take advantage of the full EV Tax credit. Thank you!
July 19, 2023
Okay so I make my base salary 43k a year and my commission is 23000 for the year so if I say that I make 66000 a year and I use the irs estimator and they tell me what my tax obligation is and they generate my new w4 form and they put 7,212 is my tax obligation. Awesome I get more in my paycheck but what happens if I make more money in the year will I end up owing money?
Great explanation and thank you for putting this together. I followed and understood everything you said, but my confusion comes in filling out step 3 where the tax credits are. I consistently get $6k refunded and would like to reduce that to $1k so presumably I'd like to keep roughly $190 per paycheck. If I wanted to reduce my tax burden by that amount, step 3 only talks about dependents. Would I have to lie about my dependents to change that number?
It really shouldn't say dependents. It should say tax credits. If you run the online estimator, it will often make an adjustment by adding credit amounts. Even for those with ZERO dependents.
This may help... czcams.com/users/shorts-UpLKWdv7x0
@@TravisSickle This is very helpful. I want to reduce $7500 from my withholdings for the EV tax credit.
This Tax Estimator is a nightmare if you don't get paper paystubs and your spouse is asleep and you are trying to fill it out for a new job with variable pay. Why on earth is this so convoluted?? I'm not a person who hates change. I'm a person who likes a challenge and trying to figure things out on their own, but this is truly ridiculous. How is a person supposed to do this and not pull out all their hair (or berate their children for breaking their concentration five times) without the help of a tax professional?
I know. Just post your questions here. I have a ton of videos on this.
The reason you want to enter your spouses info is to make it as accurate as possible. Basically it’s estimating your entire tax life.
@@TravisSickle so we have to enter our spouses numbers on the W-4 estimator? I thought it was just for my own info.
Very helpful video. When I access the tool on irs.gov, it says I'm unable to adjust my withholding and there is no slider bar, nor an option to view a pre-filled form. Am I doing something wrong?
How to fill out W-4P?
What if you're only get an hourly wage job??? And have two jobs same pay rate ? Which one is the highest paying when one of them you made less than 10,000?
So when the IRS calc gives you a number to put in step 3 line 3 of your tax credits to get more money on your paycheck, where are those credits coming from? How do we know if we qualify for those credits? (I'm single with 0 dependents)
Then you wud skip line 3 cuz it doesn't apply to u if u have no dependents and single hun. Only check off single and sign at the bottom. Also depending on how much u make thru the year put a dollar AMT on line 4c if ur trying to go for a refund. Start off small like $5 or $10 :& see how ur check starts looking when u get paid. Yes u want a refund when u get ur taxes done but u still gotta live thru the year and pay bills lol
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?
redo the estimator.
I have absolutely nothing to claim
No dependents no adjustments no withholdings I’m a single 22 year old guy that works on a farm renting at my friends house.
The estimator said my refund is $757 even though I am trying to get 100% (as close to as possible) of my income in my paycheck
Why if I withhold nothing, and claim nothing, would I be receiving that money at the end of the year instead of during the year.
I’ve been paid in cash till now just barely getting by and now that I’m being taxed that 757 that i don’t get now is going to fuck me over.
My pay is not getting raised in going to have to quit and find a new cash job just to survive on the bare minimum.
Tax refund more than I paid
Earlier in the year I claimed exempt how would I go back and change it?
redo w4.
I used the deductions worksheet on the W4 to calculate what to put in box 4(b) and then also used the IRS estimator and got two different things. The same info was used for both. The estimator also has me putting a value in box 3 when I did not indicate claiming dependents. Any idea what's going on? For reference, mortgage interest is estimated to be around $19k, $2k student loan interest, and $14,600 for standard deduction in 2024 = $6400 in box 4(b). All the same entered in estimator, with prefilled W4 suggesting $1153 in box 3, and $1773 in box 4(b). TIA!
box 3 is also for tax credits other than dependents.
Just needed to know - i generally claim 9 dependents. How do I do that on the new w4 ?
doesn't work like that anymore.
Can you change Exempt after you already complete the W4? Example: after a quarter..
Lastly, I claim dependents bi-annually, so 2023 I will not be. Should I file EXEMPT this year, making 100k. and pay taxes quarterly to not owe as much. Please advise
you can only file exempt if you qualify, otherwise, adjust your w4 accordingly.
Does the “new” W4 force minimum withholding or can you fill it out to get any net paycheck you want? As an S-corporation owner some things are most conveniently handled in payroll, which may require reducing withholding by large amounts to get the result I want. Any shortfalls can be offset in quarterly estimated tax payments. Personally, I like paying just enough ET so that, when added to amounts withheld in payroll, I meet the 110% safe harbor and can pay the remainder owed, if any, by the mid-April deadline.
You can fill it out to get any paycheck you want. Just be careful not to under withhold.
@@TravisSickle Does IRS care about wage withholding specifically and separately from your overall annual tax obligation, or do they only care that you at least meet the safe harbor for your total income by Dec 31?
@headlibrarian1996 safe harbor is the minimum which is fine.
Can I mark 10 dependents so they take nothing out?
in 2021 i put 10 on line 5 of my withholding certificate and i received more money on my paycheck per week but at the end of the year i owed some money, in ,2022 on the witholding certificate i put 6 on line 5 of my withold cert and i still got more(than if i claimed 1) on my paycheck per week AND i did not owe any money to fed or state, BUT i also did not get anything back, so it was just right, my question is the 2023 w4 looks different and does not have the same slot (line 5) to put a 6 for my withholding, so where would i put the 6 for my witholding on the 2023 form?
Hey Im feeling out my W4 as we speak where did you put the 1 im single no children and i dont want a refund at the end of the year I want to break even since theres no line 5 where does the one go
Tax withholding tool is Down. I wonder if its just temporary or if they removed it without actually removing it so people cant do thier taxes as accurately?
With this filling, for single filer how do I claim for 1 (myself)?
I’m wondering the same , looks like we no longer have that option ?
I’m trying to claim zero and I’m just about ready to throw my laptop. I HATE Congress
@@Jacqxzdiva1 you and me both
Hey Travis great video im still a bit confused I am single no kids. I dont want a refund i want to break even and get my money throughout the year can I claim myself as a dependent since there is no more allowance
No, you can’t claim yourself.
@@TravisSickle o wow thank you but how do I get my money through out the year I want to break even and not owe
@@TravisSickle reason I am asking is because things are tough financially and any extra income would be greatly appreciated on line 3a i put 1 for me and 500 came up what does all this mean
This is the way… czcams.com/video/PH6Bo5LFZ8w/video.html
@@TravisSickle thank you so if i put 1 on line 3 a less taxes come out my check each pay period and if leave it at 0 more taxes will come out is that somewhat accurate?
What about people that make a lot less a year.
Can a person fill this out in a way to get the biggest paychecks and then owe money at tax time legally?
July 15, 2023
So I want more of a paycheck, so just increase dependents and be on my way right? Ok gotcha
Does This apply to 2023? W4 2023 is a little different ( ex, Step 2a)
Yes, it's the same. I'm not sure why they left 2a as reserved. Maybe it wasn't updated for the online estimator.
I don’t understand why every year I get a return (4400) last year. But when I do the estimate tool it tells me I need to take more out? It says I’ll be under but my current W4 has no deductions or credits and i get big refunds. Why would I ask them to withhold more money ???? This is so confusing
You’re probably missing something, like a tax credit or deduction that you didn’t input on the estimator but are actually taking when you file your taxes.
I was told by irs that is was recommended to do a withholding on 4c for my w4 form of this year, but nobody knows how much im supposed to put in 4c?? I have 3 jobs. The first one was 21k the 2nd about 9k and third one 4K how much would i need to put in? I have a 18 yr son who is still in high school can i still claim her?
Our tax system is too complex to tell you exactly without knowing more. It’s possible to claim her as a dependent which is $500 credit.
I watched this video 6x and still don't understand the arbitrary $2,000 tax credit and the resulting $12,768. What's the point of that random credit? Say my tax liability is 17k, I could just give myself an arbitrary credit of 5k to make my liability 12k? Or even 17k to make my liability $0? I guess I don't understand how the credit calculation applies. Would you just credit yourself the amount that your projected refund will be on the tax estimator?
Is this okay for the 2023 form too?
yes
I still don't understand how to increase my paycheck on line 4a. I don't want any federal taxes taken out and I don't want to get a tax refund. What am I supposed to put on 4A?
You're not doing it right. If you want to be accurate, then complete the online estimator completely. The results will give you exactly what you are asking.
Mr. Travis, great videos! I paid for your W-4 service in the link provided in your description but disappointed with James Baskey who does not answer my emails. A simple “I got your email, will respond after” will do but not even that. I don’t think your team took in account my full details of your form that must be filled out online. If you can ask your team to re-do my W-4’s according to the info I sent. I’ve messaged you in different places so hopefully you respond in one of them soon. Or else going to believe you not legit. Thank you.
Email the info directly and I’ll take a look right away, Travis.sickle@sicklehunter.com
I'm checking now but don't see any other messages. Where else did you try to contact me so I can help figure this out?
@@TravisSickle thank you. Will do now.
just replied via email.
Travis, thank you for resolving my issue quickly. Thank you for responding here and in your other social media platforms. Now I see you are truly the real deal and you truly care about helping people. I am glad that the guy I see smiling in the videos and explaining everything so well is truly legit and the same vibe I get from just communicating with him. You provide excellent customer service and my view of your business has now skyrocketed. Thank you again for the prompt resolution and for your time.
Dude just tell me what the heck to put in the box…
Not possible.
Is this the same as the W4 -T form??
no, it's the required form. The W4-T is for additional withholdings.
On my paystub under Taxes it's pretty clear, 1) Social Security 2) Medicare, 3) Fed Income Tax. and that would be FICA and the amount I plug in the online W4... on my wife's pay stub... more complicated.. under "Taxes" it has 1) FED W/H 2) FICA EE 3) FED MWT EE ... what's that ? is FICA number 2 ? what are the other ones?
1) Federal Withholdings 2) Social Security and Medicare tax 3) Federal Medicare Withholdings Tax and the EE is short for employee.
Federal withholding tax is essentially what you are calculating on the W4. The FICA is Federal Insurance Contributions Act and that is not adjustable on your paycheck. It's social security and Medicare taxes.
Federal Withholdings in the only number you want to input on the IRS form W4 online estimator for taxes withheld year to date.
@@TravisSickle thank you so much, you rock !
What if I have overtime on some weeks?
Estimate it.
What about people who are making 50k a year?
03:05 Where did you get 10,275 from?
July 19, 2023
I’m confused where’d the 10% 12% and 22% come from
Tax brackets
I love taxes 🙃
probably just as much as I do.
Why is this so complicated now
We used to just change exemptions?
I work 15 - 20 hours overtime and is literally as if I just worked all that extra time for the government. The eay iam seeing it is there's absolutely no point in working overtime now.
How can I change this problem??
It's complicated because our tax system is complicated.
If you're getting a big refund, 5K, 10K+, then you're doing something terribly wrong (IMO)
Better to have a very high Credit on W4 to 80-90% of your tax obligation -- then invest in short term CDs or other similar short return solid investments. This is not the time to go to Las Vegas and try to double down your increased paycheck.
July 11, 2023
Question: Who is "you"?
give me more context and I'll help you out. Drop the time stamp here.
Why do all the videos about filing this out always skip Step 4(b)?
Because unless it’s over the standard deduction it’s irrelevant. Highly uncommon.
I don’t understand this at all :(
I’m still confused
what's the question?
Thank you for making this. Your very kind 😊
Now can you go find a dumb guy that has learned how to do this and hold the camera while he explains how to do this for us dummies.
What ?
Someone that makes $100,000 has an accountant that does it all for them.
Do the example of someone that makes $40,000
Join the channel memberships and I will.
good grief.... this video seems great... but I have NO idea what my income is going to be. ugh.
Best guess. Then review it periodically. The idea is to get as close as possible.
@@TravisSickle got it. thank you SOOOOOOOOO much. for responding/responding so quickly/amazing information and content. appreciate your channel.
Tax estimator is a hunk of garbage. I entered the SAME info 4 times, and got 4 completely different numbers. Typical IRS
4 different numbers on the same day?
@@TravisSickle yeah lol, within 10 minutes!
Ummm anybody have this go over their head? can you do an example for 50k?
July 16, 2023
Doing your taxes should not be this complex, inn any way or form. The government already has every detail on you and your money, unless your an all-out criminal hiding money. For everyone else, it should be much, much easier and most of all ... direct. Far too much trickery.
😎
Its not complicated at all until your situation starts getting complicated. Also the terms like tax credit, tax liability, tax deduction/adjustments can make things sound harder than wat it is.
Except the real child tax credit isn't $2000. Its $3000-$3600 per child. So it's still wrong
Yes it is. It’s $2,000. The advance child tax credit is over.
@@TravisSickle was the extra amount just for 2022?
@@godfox675no, it ended in 2021.
Literally doesn't make sense
which part?
@@TravisSickle I'm sure it makes sense to people who understand this, but it hurts my brain trying to figure this out lol. Didn't mean anything rude by my comment