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Will I get a refund if I claim 1?

Claiming 1 Allowance This is a good option if you're single and only have one job. You may also claim 1 if you're married but filing jointly—or if you're filing as the head of household (see def. here). You'll most likely get a refund back.

libertytax.com - How Many Allowances Should I Claim on Form W-4? - Liberty Tax Service

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What is a W4 allowances form and why is it important?

The 2020 IRS W4 tax form is used by your employer to determine how much federal income tax they should withhold from your paycheck. Once hired, you’ll be asked to fill out a federal W 4 and provide info on the total number of allowances or exemptions you are claiming each new payday. Completing your W4 accurately is very important because mistakes affect your refund, or your tax bill. It’s important to note that you can and should always submit a new IRS W4 form if your personal or financial situation changes in 2020.

What to know about the 2020 W4

The 2019 W4 will undergo some key design changes in 2020, an effort by the IRS to reduce the form’s complexity and make the withholding process more accurate and transparent. With the redesigned 2020 W 4, you will no longer face complicated or confusing worksheets for determining which allowances you’re eligible for. Instead, the new design will present simpler, more straightforward questions to ensure withholding is accurate and easier than ever. The IRS 2020 Form W4 FAQ page provides some helpful info on what to expect with the new design rollout.

What are W4 exemptions?

Your federal W 4 withholding allowance form lists a number of personal exemptions that affect what your employer sets aside for the IRS every time you’re paid. You can claim anywhere between 0 and 3 allowances on the 2019 W4 IRS form, depending on what you’re eligible for. Generally, the more allowances you claim, the less tax will be withheld from each paycheck. The fewer allowances claimed, the larger withholding amount, which may result in a refund.

Should I claim 1 or 0 on my W 4 tax form?

The total number of exemptions you are claiming should be based on your filing status (married, single, head of household, dependents, etc.). However, knowing if you should claim 1 or 0 on your W4 tax form also depends on how much money you want in your hands each new payday—as well as the tax burden you’re willing to face when it’s time to file. In the event you claim 0 federal withholding allowances instead of 1 on your W 4 tax form, you’ll receive less money every paycheck, though your tax bill will likely be reduced at the end of the year. When you claim 1, you’ll benefit from higher take-home pay but will probably face a higher bill when tax time comes around.

How do I fill out my W4?

Filling out a Form W4 is more than a little intimidating sometimes. But don’t lose any sleep! Consult your local Liberty Tax® professional and they will be happy to assist you – with your W4 and any other tax issues you may have. If you’d like to handle it yourself, follow the step-by-step instructions below.

Step 1:

Provide your name, address and social security number. In addition, provide your marital status (that is, single, married filing separately, married filing jointly, of head of household) you expect to use when you file your 2020 federal tax return. This will determine the tax table/bracket used to figure your amount of withholding. If you are single, or if you are married but only one of you works, and you work at only one job at a time, you may skip Step 2.

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Step 2:

If (a) you have more than one job at the same time, or (b) you are married filing jointly and you and your spouse both work, you have some extra things to consider. If you skip this Step 2, you will probably be under-withheld and could owe taxes when you file your return. The issue is that Employer #1 would not know that you or your spouse is working for Employer #2, and each employer would assume he/she is the only employer involved. Let’s look at a simplified example. You and your spouse each earn wages of $20,000 in 2020. Assuming you file as married filing jointly, your standard deduction will be $24,800. Each employer will assume each of you will be able to use that $24,800, so since each of you earn less than that standard deduction amount, each employer will withhold zero federal income tax from your wages. In reality, your joint tax return will show a total of $40,000 in wages ($20,000 for each you and your spouse), and after subtracting the $24,800 standard deduction, your taxable income will be $15,200 . . . resulting in a tax due upon the filing of your 2020 return in the amount of $1,520; possibly plus penalties and interest. In order to avoid such an unwanted, and unhappy surprise, you can either use the Tax Withholding Estimator at www.irs.gov/W4App, or the Multiple Jobs Worksheet on pages 3 and 4 of the Form W-4 instructions. Instructions as to the specific use of these tools are outside the scope of this article, but if you should need assistance in completing these calculations, your Liberty Tax® professional will happy to help.

Step 3:

Multiply the number of qualifying children by $2,000 and enter the total on the W-4 and multiply the number of “other dependents” by $500 A $2,000 child tax credit (CTC) is available for each “qualifying child” – determined by the following seven (7) factors: Age test - child must have been under the age of 17 at the end of the tax year Relationship test – child must be your own child, stepchild, adopted child or foster child; you can also claim your brother, sister, stepbrother, stepsister and any of their descendants (e.g., nieces, nephews, grandchildren) Support test – the child cannot have provided more than half of his/her own financial support during the tax year Dependent test – you must claim the child as a dependent on your tax return. To be claimed as a dependent (and these are somewhat redundant), he/she must: Be your child (including adopted and foster), sibling, niece, nephew, or grandchild Be under age 19, or under age 24 if a full time student for at least 5 months of the year, or be permanently disabled regardless of age Have lived with you for more than half the year Have provided no more than half of his/her own support for the year Citizenship test – child must be a US citizen, a US national, or a US resident alien Residence test – child must have lived with you for more than half the year (exceptions for children born or died during the year, and for temporary absences such as school, vacation, medical care, military service, incarceration, and divorced or separated parents Family income test – the child tax credit is phased out if your modified adjusted gross income (MAGI) is above certain thresholds based on your filing status A $500 other dependent credit (ODC) is available for a “qualifying child” or a “qualifying relative.”

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A qualifying child is defined as:

Your biological child, stepchild, adopted child or foster child, sibling, half-sibling or step sibling, or an offspring of any of these They haven’t already been claimed for the CTC or ODC by you or someone else They are a US citizen, a US national, or a US resident alien They aren’t filing a joint tax return with their spouse They are under the age of 19 (or 24 for a full-time student) or permanently and totally disabled regardless of age Lived with you for more than half the year (exceptions apply) They didn’t provide more than half their support for the year

A qualifying relative is:

Your biological child, stepchild, adopted child or foster child; you can also claim your brother, sister, stepbrother, stepsister and any of their descendants, or a direct ancestor (parent, grandparent, etc.), they have less than stepparent, aunt, uncle, son- or daughter-in-law, father- or mother-in-law, brother- or sister-in-law They haven’t already been claimed for the CTC or ODC by you or someone else They are a US citizen, a US national, or a US resident alien They aren’t filing a joint tax return with their spouse They either lived with you for the entire year or are related to you (see below*) They have less than $4,200 gross income for the year In addition, you must have provided more than one-half of their financial support and your adjusted gross income (AGI) is not above certain limits. *One interesting note: a qualifying relative for purposes of claiming the ODC does not have to actually be related to you, but they must have lived with you for the entire tax year.

Step 4:

If you have other income (not from jobs) not subject to withholding (e.g., interest, dividends, retirement income), enter the amount of such income you expect this year on line 4(a). If you expect to have deductions in excess of the standard deduction (i.e., you expect to be able to itemize deductions on Schedule A), use the Deductions Worksheet on page 3 of the Form W-4 and enter the result on line 4(b) of the W-4. Finally, if you would like to have any additional tax withheld (i.e., more than the amount determined by the above entries to your W-4), enter the amount you want withheld for each pay period on line 4(c).

Step 5:

Sign and date your completed Form W-4 and provide it to your employer.

In summary, your W-4 is filled out in four (4) basic steps:

libertytax.com - How Many Allowances Should I Claim on Form W-4? - Liberty Tax Service

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