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2020 Federal w4 form help

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50Kal
Posts: 2828 - Karma: 5,373
So just got told to re do W4 in the 2020 form.

Anyone figure this shit out?

Instead of deductions they want a dollar amount of how much to take out which I have no idea because of my overtime is dependent on if it’s a busy season.

And the IRS calculator tells me how much I will get taxed (from a rough estimate), but not what to put down on the W4 to achieve that.

Help please.

**This thread was edited on May 13th 2020 at 1:40:00pm
May 13 2020 1:13PM
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Jpurd
Posts: 3196 - Karma: 3,554
I would highly reccomend seeking advice from an experienced professional in this one. Don't want to screw it up.
May 13 2020 11:29PM
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little1337
Posts: 8241 - Karma: 47,846
Tax fraud is all the rage these days
May 13 2020 11:54PM
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ChadThundercock
Posts: 3071 - Karma: 830
Wipe your ass with it and send it in to the IRS
May 14 2020 1:18PM
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TRVP_ANGEL
Posts: 12503 - Karma: 116,105
IRS:
May 14 2020 1:40PM
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Monsieur_Patate
Posts: 1393 - Karma: 4,304
Same here, didn't have enough withheld last year for some reason, so redid it to make sure it doesn't happen this year. I used the IRS new calculator, and it did gave me a W4, not sure why it wouldn't give you one.

You may want to check Reddit's tax subreddit or whatever, probably more knowledgeable than a bunch of ski bums when it comes to taxes.
May 14 2020 2:05PM
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oldmanski
Posts: 3306 - Karma: 23,750
Basically 1/3 of your wages. Things do vary, single? Kids? Home owner? State? all have an affect on taxable income. Its better to have more money withheld from paychecks than having to pay a lump sum at the end of the year IMO. Yeah you could write in exempt on the W-4 and not pay nay taxes but just know, you will have to pay it back. The IRS is one place you do not want to owe money to. Just my 2 cents
May 14 2020 2:10PM
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50Kal
Posts: 2828 - Karma: 5,373
Monsieur_PatateSame here, didn't have enough withheld last year for some reason, so redid it to make sure it doesn't happen this year. I used the IRS new calculator, and it did gave me a W4, not sure why it wouldn't give you one.

You may want to check Reddit's tax subreddit or whatever, probably more knowledgeable than a bunch of ski bums when it comes to taxes.

So I used the tax estimator but when I was completely done with it didn’t have any feature to print off. Do you remember where you saw the print w4 option?
May 15 2020 9:14AM
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50Kal
Posts: 2828 - Karma: 5,373
oldmanskiBasically 1/3 of your wages. Things do vary, single? Kids? Home owner? State? all have an affect on taxable income. Its better to have more money withheld from paychecks than having to pay a lump sum at the end of the year IMO. Yeah you could write in exempt on the W-4 and not pay nay taxes but just know, you will have to pay it back. The IRS is one place you do not want to owe money to. Just my 2 cents


So yeah I’ve always kept my taxes on the higher end that way they don’t fuck me over at the end of the year.

It’s just this new form asks how much you money you want taken out not a deduction number.

So on the old form I would put 3 deductions. Which would roughly come out to 30-35% of my income. For the last 4 years I’ve always received money back from IRS. But I’m also making less than 50 grand a year so I’ve really never had to mess with much other than that.
May 15 2020 9:27AM
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Monsieur_Patate
Posts: 1393 - Karma: 4,304
50KalSo I used the tax estimator but when I was completely done with it didn’t have any feature to print off. Do you remember where you saw the print w4 option?


I used this calculator: https://apps.irs.gov/app/tax-withholding-estimator/

You put in the info from your last paycheck, go through the steps, and then on the last page it tells you if you're on track to have enough withheld or not, and there is a slider to adjust the withholding depending on how much you want your refund to be (obviously as close as possible to 0 is best, you don't want to give uncle Sam a 0% interest loan, but I like putting it slightly above 0 to make sure I don't have an underpayment)

Here is an example screenshot with dummy data:




See the "Download Pre-Filled Form W-4" at the bottom, that's where you'd grab your W-4, then you have to complete it by entering name, SSN, etc. before sending to your HR department.
May 15 2020 10:51AM
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50Kal
Posts: 2828 - Karma: 5,373
Monsieur_PatateI used this calculator: https://apps.irs.gov/app/tax-withholding-estimator/

You put in the info from your last paycheck, go through the steps, and then on the last page it tells you if you're on track to have enough withheld or not, and there is a slider to adjust the withholding depending on how much you want your refund to be (obviously as close as possible to 0 is best, you don't want to give uncle Sam a 0% interest loan, but I like putting it slightly above 0 to make sure I don't have an underpayment)

Here is an example screenshot with dummy data:




See the "Download Pre-Filled Form W-4" at the bottom, that's where you'd grab your W-4, then you have to complete it by entering name, SSN, etc. before sending to your HR department.


I got that screen but it did not Give me a download pre filled w4 button. I’ll try again and see if it gives me The option.
May 15 2020 4:45PM
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JAHpow
Posts: 7282 - Karma: 17,175
May 15 2020 5:24PM
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