How to fill out the new W-4 Form

ctclacy-101106 · ‎July 27, 2022

Good afternoon...

I have a few things happening this year and I can't figure out how to fill out the new W-4. I went to the IRS calculator and I couldn't understand their instructions after I answered a few questions. Here are some things that are happening this year.

I am selling my home in WA state.

I will be moving to Hawaii and hopefully buying a home there.

If I can't keep my current job, I will have to find a new one.

This year my son turned 18 in June and will move out once the house is sold.

I previously had an MCC tax credit for my current home so I was claiming S and 6 to help keep more money in my pocket.

I know I can claim my son for 2022, but I want to go ahead and update my W-4 to what it should be once my nest is completely empty. I don't want to owe anything at the end of the year. My current income is $57,200 per year. (I just got a raise effective June 4th). The IRS calculator told me to enter $331 on line 4(b) but didn't say anything about filling out line 3. I'm not sure if that is correct.

Thank you for your help!

conniem123 · ‎July 27, 2022

Hi, You do have many changes in 2022! There is a W-4 Calculator that will take you step-by-step through the worksheet,

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

When you considering the sale of your home, you can refer to IRS Pub 523 if any of the gain will be taxable,

https://www.irs.gov/pub/irs-pdf/p523.pdf

The Form W-4 line 3 is for number of dependents, which you can leave blank if you are not wanting to include you son in the withholdings calculations which will result in more tax withheld from your paycheck.

Try the W-4 Calculator step-by-step process!

I hope this helps!

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How to fill out the new W-4 Form

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