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
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,
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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