Starting new job in August (not exactly sure which day-they are moving to new office in my town so it depends on when the remodel is complete. Estimate 1st or 2nd week) I have not had an income since January 2021. I'm single, 1/3 homeowner and the house is paid for. I'm engaged (haven't set wedding date yet). Is it best that I claim Single with 0 dependants or can I claim one since I have to pay 1/3 of the yearly taxes on the home? I don't want to owe taxes but I don't the government to play with my money for the year. I would prefer to put it in a high yeild saving account.
You'll need to sign in or create an account to connect with an expert.
Hello mitzibmcc61,
Thank you for your question. I am happy to assist you.
The new Form W4 has been changed due to the Tax Cuts and Jobs Act (TCJA) which became law in late 2017. Due to this change, the new Form W4 does not require you to complete the number of allowances you would like to claim like you had to with the previous form. Hence, you don’t have to input 0, 1, 2 or 3 on the new form.
The new form has three main sections that you have to complete to determine your withholding and you complete the section that applies to your situation. There are 4 steps for you to complete:
https://www.irs.gov/pub/irs-pdf/fw4.pdf
In order to more accurately estimate how much withholding should be taken out of your paycheck, you can utilize the following Form W4 calculator:
https://turbotax.intuit.com/tax-tools/calculators/w4/
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
atnowjw
New Member
roseadelle22
New Member
jpnadere
New Member
frankavino13-gma
New Member
lac528
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.