At tax time, we find that people seem confused on why they didn’t have any or had little federal tax withholding throughout the year. The W4 that you fill out when you start employment is what the federal tax withholding is based on. So, if you fill it out incorrectly, it can mean a smaller refund than you expected or resulting in a balance due to the IRS.
The most common line we hear is “I filed single with 0, my employer must have done something wrong” First off, exemptions don’t even exist anymore so you stating you “filed” 0 isn’t even possible because it is no longer an option on the W4. I attached a W4 to this blog for your review and if you need to adjust your federal withholding, you can print this form, fill it out and present it to your HR person for updates.
If you are a single person and you want the most to be withheld because you work multiple jobs, then you want to check the single box under Step 1 (c) then under Step 2 (c) check the box. If you want to add a dollar amount for extra withholding, then fill out the amount under Step 4 line 4 (c).
If you are claiming children or other dependents, fill out Step 3.
To download the 2024 W-4 click https://www.irs.gov/pub/irs-pdf/fw4.pdf
If you need further assistance with filling out this form, please contact your local, friendly tax professionals at 814-333-2488 or info@meadvilletaxservice.com
