W-4 for my wife and I and our College Student...

Forum|Forum|4 years ago
July 27, 2022
1 reply
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what do I need to put on my W-4 and my wife? File as Married. We have done Standard deduction the past 4 years and not itemized. I expect the same this year. We have investements with Edward Jones and had an increase in 2021 in dividends/Interest that made us pay addtional taxes. This year I don't expect the same as 2021. What would be the recommended number to claim on our W-4 for 2022 now... even though the year is almost over. We like to have more in our pocket, but have a refund of around 1500-2000 if possible.

Also what will my College Student put on her W-4 for her job. Shlives at home and goes to school full-time. She has a part time job that she has to fill out a W-4 for during the year...

KochuK

Level 7

Hi Mitc3915, thanks for the questions.

Highly recommend using

IRS Tax Withholding Estimator

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

to see how your refund, take-home pay or tax due are affected by withholding amount;

to choose an estimated withholding amount that works for you (a refund approx. $1,500 - $2,000).

Regarding the full time college student (assume your dependent, living at home, supported by you) W-4:

Single dependent filing requirements -

Unearned income was over $1,100.
Earned income was over $12,550.
Gross income was more than the larger of $1,100 or earned income (up to $12,200) plus $350.

If she had no Federal income tax liability in 2021 and she expects to have no Federal income tax liability in 2022, she can write "Exempt" on Form W-4 in the space below Step 4(c).

If she has filing requirement, recommend to use the above Estimator link as well.

Hope the above helps.

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