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Do I need to adjust my W4?

I just went from fulltime to part time, so now I work 20 hours a week, half of what I was working.

I also receive my social security check.

I had to pay taxes for 2022.

How do I go about not having to pay more taxes and maybe get a refund?

I will make half of what I was making, but my medical, etc will increase.

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1 Reply
AskTxBrenda
Employee Tax Expert

Do I need to adjust my W4?

Sounds like you will need to do a new W-4 at your job. Here are a few tips, and also a calculator for you. If you want a bigger refund you can add additional tax amount too.

 

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.

If you have 2 or more jobs -

When filling out your W-4 forms, there are a few tips to keep in mind: For the job where you make the most money, claim all of the allowances you normally would on the W-4 form. For any other job that you have (your second job for example) claim zero.

If you want to owe the least amount when filing your taxes, you will claim 0 on the W-4, so the job will withhold at a higher rate. This is important especially if you have more than 1 job.

If you didn't account for each job across your W-4s, you may not have withheld enough, so your tax refund could be less than expected.

 

Simply add an additional amount on Line 4(c) for "extra withholding." That will increase your income tax withholding, reduce the amount of your paycheck and either jack up your refund or reduce any amount of tax you owe when you file your tax return.

 

Calculator - https://apps.irs.gov/app/tax-withholding-estimator

Instructions - https://www.irs.gov/pub/irs-pdf/fw4.pdf

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