Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Oct 4, 2022 9:49:32 AM

What to claim on taxes

I have been trying to plan out some financial decisions for next year with a new job and a general idea of how much I will be paid, and have been trying to understand if claiming 1 or 0 in the future will be worth it and how much of a difference it would make? Ideally understanding how to bring my net taxes to near 0 while taking home as much as possible per month.

0 3 1065
1 Best answer
Level 15
Oct 4, 2022 11:29:32 AM

The new W-4 form doesn't use allowances anymore, so you no longer claim 0 or 1 or any other number of allowances. The new form works differently. Use the IRS Tax Withholding Estimator at the link that Critter-3 posted above 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.

 

3 Replies
Level 15
Oct 4, 2022 10:07:48 AM
Level 15
Oct 4, 2022 10:07:49 AM

The W-4 form which you fill out for your employer is designed to withhold the proper amount of tax. 

Level 15
Oct 4, 2022 11:29:32 AM

The new W-4 form doesn't use allowances anymore, so you no longer claim 0 or 1 or any other number of allowances. The new form works differently. Use the IRS Tax Withholding Estimator at the link that Critter-3 posted above 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.