- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Adjusting Tax Withholding and Claiming Dependents
I recently used the tax withholding estimator on the IRS website and discovered that I am having more tax withheld from my paycheck than necessary. The estimator recommended that I enter $356 on Step 3 of my W4 form to claim dependents. Currently, my MyPay account is set to 0 for claim dependents. I am wondering where I should make the change under “Claim Dependents” and to what number.
For example:
– Additional Dependents Under 17: 0 (should I change this to 1, 2, or 3?)
– Other dependents: 0 (should I change this to 1, 2, or 3?)
I am unsure what numbers I should adjust the above categories to in order to align with the calculator’s suggestion.
AI Legalese Decoder could help in this situation by analyzing the W4 form and providing guidance on where to change the claim dependents and what numbers to input based on the IRS tax withholding estimator’s recommendation. By using the AI tool, I can ensure that my tax withholding is optimized and avoid overpaying the government unnecessarily.
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I put married with 1 dependent on my W-4 in mypay. As an E6 I pay about $80 per pay month in federal taxes. You can’t itemize it through mypay, so you may need to go to finance to add anything to specific blocks on the W-4 form.
This return I got back $2700 with 3 kids because I barely paid into it. Probably would have gotten more if my wife hadn’t worked, but that is a solid tax year in my book. Bigger paychecks and I still get some money during tax season.
The MyPay W-4 inputs don’t match up well with this year’s IRS withholding calculator in situations where too much tax is being withheld. I would recommend doing what u/nkr501 suggested – bump up “Additional Dependents Under 17” to “1” this month, then check next month to see what that reduced your monthly withholding to, and then re-calculate using the IRS withholding estimator to see if you need to add any “additional withholding” back on.
I understand the sentiment about avoiding excess withholding, but would caution you to *not* intentionally underwithhold, and instead aim for a $0 refund every year – at the very least, withhold 90% of your projected tax bill or 100% of the previous year’s tax bill. The IRS does levy underpayment penalties that would offset your investment gains and potentially open you up to further scrutiny/audit – it’s a headache that you’d definitely just rather avoid.