Understanding new w-4

[Spinfj]

Hello, I was going to update my w-4 to get more money on paychecks, when I noticed it no longer asked for deductions. I originally filed 5 deductions on the old forms and still get a large refund on my taxes. How do I fill it out now to get more in pocket and less in refund. I am married, filling jointly, single job with 4 children all under 17.

[srubino]

Hello, please see below link for assisting with your federal withholding 

https://turbotax.intuit.com/tax-tools/calculators/w4/

[GabyC-EA · Accepted solution]

Hi Spinfj,

The Form W-4for 2023 looks a little different than prior years. Deductions are now claimed in Step 3. In this step, you multiply the number of qualifying children under the age of 17 by $2,000 and the number of other dependents by $500. You add both amounts and enter the total on line 3. 

If you want additional adjustments, you  can also fill out step 4 (b). In this section you can add deductions you expect to claim other than the Standard Deduction. You can use the deduction worksheet on page 3 to calculate the amount. 

Below are some additional resources that can help you better understand the new W4 form:

Employee’s Withholding Certificate 

W-4 Calculator 2023  * This calculator is a great tool that will help you in a practical manner understand how the W4 impacts your withholdings and tax refund. 

Thank you for reaching out and good luck !