Hi. My kids dependents and we no longer claim them as a dependent. As a result, looks like they are not taking enough income tax I would like to avoid this next year. I would like some advice on how I can fill out my W-4 so that we don't take a big hit next year. Any other advice along that line would be appreciated. My wife and I file jointly. She is a collection specialist and I am a maintenance worker the majority of income comes from me as the head of household. I believe we claim 0 or should that be changed.
Hi RM99, When you no longer have dependents on your tax return, you will want to submit a Form W-4 to your employers to have more tax withheld from your paycheck. Here is a W-4 Calculator that will take you step-by-step through the worksheet,
https://turbotax.intuit.com/tax-tools/calculators/w4/
Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. By removing the dependents you should have more tax withheld from your paycheck. It's always a good idea to compare your total tax from your 2021 tax return to the year-to-date federal tax withholdings from your most recent paycheck.
I hope this helpful!