How To Set Your W4 Tax Form to Get a Refund or Break-Even

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!

[miked]

Pelosi clearly stole the rip up from you!

[xxxfathergodxxx]

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

[truestory_]

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 YouTube 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 👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏

[AaronBregg]

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!

[freethinker]

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! 🖤

[thcrtn]

This needs to be taught to kids in middle school...

[rsitch]

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

[RichardOnTheRidge]

Best video on YouTube 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!

[nanaoftheyaw]

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.

[jasonsmommy]

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!

[halfandhalf]

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!

[sherineclarke]

Perfect. I was really clueless. This was the simplified version I needed.

[drling.nikkii]

This change on the w4 forms are gonna screw a ton of people next tax season...

[josiah]

Thank you!!!! seriously, all the other videos people don't take the time to explain each step the way you did!

[jorgebautista]

Thank you!. Even though I am married with 2 kids my wife and I claim single with no dependants to ensure we never owe taxes and use the return to invest into college funds, retirements accounts, and or health/dental/life insurance fund for the next year.

We do this by using high yield savings accounts or cds.

[PHCP]

Man you are better then most these pastors out here I appreciate this gospel you just preached 🙏🏽

[troyeison]

Clear, concise and simple! Much appreciated, Bryan!

[msmargiek]

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.

[lincolnselk]

That recommendation around step 3... very helpful and simplified it nicely. Thank you!

[joshrodriguez]

For such a complicated NEW form you broke it down for dummies! Thank you sir, you rock!