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positive777
Returning Member

W4 questions!!?

SO i am confused, I am getting mixed answers. Just got a new job, i need to fill out my W-4 correctly. I don’t want to owe at the end of the year and I don’t want to over withhold & get TOO much taken from my paycheck. I have one dependent and I am HOH. My questions: If I put $2,000 for my one dependent on the form, will I owe taxes because they didn’t take much out of paycheck? if I do put my dependent will I still get the child tax credit refund while filing taxes? Basically will I owe taxes for the year if i claim my dependent? Do I still get the child tax credit if i do? 

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2 Replies

W4 questions!!?

Yes you will still get the Child Tax Credit on your tax return if you qualify.   The W4 is only to tell your employer how much to withhold.  It isn’t specifically applied to any credits you get.  The withholding goes against your total tax after any credits.  

rjs
Level 15
Level 15

W4 questions!!?

You can use the Tax Withholding Estimator on the IRS web site to figure out what to put on your W-4 form. It will show you how to adjust your withholding to get the approximate refund amount that you want.

 

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