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Get your taxes done using TurboTax
Thanks so much for your help and patience!
I have one last question: Since I am now qualified for the tax exemption(first $5000), should I
1. clarify the tax exemption on W-4 (if there is a way to do it)before the first paycheck to avoid any tax withholdings for the first $5000 income;
or 2. get standard tax withholdings throughout 2022 and then claim the excessive tax withholdings for the first $5000 income back when I file for the 2022 tax return in 2023.
Will both methods work? Based on what I have known, maybe approach 2 is more common?
Thanks again!
‎August 18, 2022
4:36 PM