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Get your taxes done using TurboTax
It is a good idea to double-check paystubs throughout the year for proper withholding as our income can change. While adding up the federal or state withholding and comparing to last year's tax return is a good practice, if you have any life changes these can directly impact income tax liability and mean that the W4 needs to be updated. Some things that can qualify a new W4 that are often missed is:
- Change of Address
- Change in Marital Status
- Change of Name
- Change in Income
- Caring for a Dependent
- Caring for a Parent
If any of the above change, I recommend starting the W-4 calculator and then monitoring the paystubs for the change. The important take away is that the W-4 is not a static document and needs to be revisited at least twice a year, in my opinion.
May 29, 2024
12:52 PM
1,342 Views