Withholding adjustment

[ugavet2003]

My oldest son just turned 18 and will no longer qualify for the child tax credit. How should I adjust my withholding on my check to avoid owing taxes? I have 4 other children under 18, and my current withholdings are 5/5

[BettieG]

As you may know, the IRS revised the Form W-4 some years ago to remove allowances for dependents.  It now includes steps to account for dependents, other income, and deductions directly.  In order to know how to adjust your withholding (via your Form W-4) to avoid underpaying or owing taxes, you might want to use the Tax Withholding Estimator on the IRS website to determine what you should reflect on your Form W-4.  You should then provide the new Form W-4 to your employer.

These articles may also be useful:

• How to Estimate Federal Withholding
• The W-4 Form Changed in Major Ways – Here’s What’s Different

I hope this is helpful.