W4

[weatelikekings]

I have put 8 dependents in for 20 years now on W4.  If I wanted to change it..how much money would each dependent equal? Foe instance if I changed it from I to 7 dependents what dollar amount is one dependent worth  if I make $137000 a year?

[xmasbaby0]

Sounds like you  are living in the days of personal exemptions---which ended after 2017 when the tax laws changed.     There are no personal exemptions that make each dependent "worth" a certain amount to you.

For children under the age of 16 you can now get the child tax credit or for dependents over 16 you can get the $500 credit for other dependents.

The new W-4 form is different---read instructions carefully.

https://turbotax.intuit.com/tax-tools/calculators/w4/ 

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/additional-child-tax-credit/L6x...

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...

[KimberW]

The W-4 form fundamentally changed in 2020. Dependents are no longer entered as "exemptions". Instead, you provide the amount of any tax credits you are entitled to, as well as your expected itemized deductions if they are higher than your standard deduction. The form with FULL instructions can be found here: Form W-4: Employee’s Withholding Certificate 

The best way to fill out the current version of the W-4 is to use the TurboTax W-4 Calculator or the IRS Tax Withholding Estimator. Both of these tools will ask you for information from your most recent pay stubs (to get year-to-date information) as well as what you expect to happen with your paychecks for the rest of the year.

You'll enter information for all jobs that you have (or have had) during 2024, the number of dependents that you have, whether you have any other income or deductions, etc. Then the programs will provide you with the information necessary to fill out the W-4s for each job -- or even a PDF version that you can give to your employer.

Make sure to check for the equivalent of a W-4 form for your state or local withholdings as well. Those are often separate forms with their own instructions.