what are the best W-4 selections?

[vtxmanmike]

last year I paid over $5000 in taxes. I had claimed my two daughters on my W-4 previously but could no longer claim them and forgot to remove them. Will removing them from my W-4 reduce my taxes enough that I won't owe so much in 2022?

[AR_CPA]

Yes, you will need to update your W-4 and remove your dependents.  This way your employer will withhold more taxes from you from each paycheck so you will owe less at the tax time. 

[conniem123]

Hi, yes when the dependents no longer are eligible for the child tax credit that will definitely affect your taxes!  Submitting a new Form W4 to your employer and not claiming the two dependents will increase the tax withheld.  Will it be enough?  A great resource is the TurboTax W4 Calculator. 

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

It will walk you through the Form W4 and help you complete the form more accurately.  Keep in mind that any changes won't be for the full year of 2022 since it is already end of July.

Hope you find this helpful!