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BlessedSRT
New Member

W4

How to update w4? Married filing jointly and always get a large refund back from federal. Just had a baby which takes dependents to 2 

1 Reply
conniem123
Employee Tax Expert

W4

Hi BlessedSRT!  Congratulations on your newest one!  It is always a good idea to update your Form W-4 when you have a life change.  There is a W-4 Calculator that will take you step-by-step through the worksheet,

 

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

 

 As of today, for tax year 2022, the Child Tax Credit has reverted to $2,000 per child dependent 16 and younger, with only $1,500 refundable.   Also, you must have earned income of at least $2,500.

 

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.

 

Hope you find this helpful!

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