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Mitc3915
Level 1

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

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...

1 Reply
KochuK
Employee Tax Expert

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

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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