How To Fill Out a W-4 Form for 2024

how to fill out a w4 for dummies

These are the standard deduction amounts for 2020 taxes (which you’ll file in 2021). Use the highest paying job’s wages on your list for the “Higher Paying Job” row, and the annual wages for the next highest paying job in the “Lower Paying Job” column. Find the intersection of those two salaries and enter the number under 2a.

You can update your W-4 form and adjust your tax withholding by contacting your employee benefits administrator. They’ll send you a new form to fill out from scratch and you can input all your information for the current year. For our example, let’s assume you’ll itemize your deductions for 2023, with an expected amount of $35,000. That will result in $10,200 ($35,000 in itemized deductions, less $24,800 for the standard deduction) being entered on Line 3 of the worksheet above. We’ll also assume both you and your spouse will make traditional IRA contributions totaling $12,000. Unlike in the past, there are no longer any personal exemptions that apply to members of your household, including your children.

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If your income will be $200,000 or less ($400,000 or less if married filing jointly), then multiply each qualifying child under age 17 by $2,000 and each additional dependent by $500. Maybe you started your first job or maybe you gave up the freelance life for full-time employment. Whatever your scenario, if you find yourself filling out a W-4 for the first time, you may be a touch confused by all the fields, worksheets, and forms.

Although the Tax Cuts and Jobs Acts of 2017 is a few years behind us, we often still hear clients ask about how to claim 1 on a W-4 or how to fill out their W-4 claiming 0. These concepts have to do with allowances, which no longer apply to W-4s after tax reform. With NerdWallet Taxes powered how to fill out a w4 for dummies by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. If you have no dependents, you can ignore step 3 on the W-4. Having ready access to these forms ensures you’re equipped with the right tools to manage your tax responsibilities efficiently.

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