How to Update IRS Form W-4 to Adjust Your Tax Withholding

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:

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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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[kingsolomega]

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.

[villiam]

Thank you for making this video! I never knew that was the case or I would have changed it a while ago!

[et]

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

[stussttuu]

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 :)

[ctuagent]

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.

[jo-annmacneill]

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

[Survivalist-of-war]

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.

[elibenjamen]

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!!

[prv]

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?

[RetroRod-imtl]

How much do you charge for a private consultation with federal tax questions? Thanks

[SmallPP]

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

[mwoods]

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.

[gulrehman]

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

[blackmax]

I’m trying to figure out how to break even for the end of the year

[kristindavies]

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.

[lalainecarreon]

what is the federal tax withholding if the employee made $4, 800 wages in 2022 with 0 withholding in W-4?

[Bbgirllyssa]

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

[samyakdubey]

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 ?

[dracojensei]

If I get a federal refund but owe state do I change my fed

[gilomiguel]

So what should I put for extras withholding 0 or 3