Tax Reform Understanding Your Withholding Allowance on Your Form W-4 Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Jun 5, 2024 - [Updated Mar 28, 2025] 2 min read Reviewed by Jotika Teli, CPA Lena Hanna, CPA If you have filed your taxes, you may wonder what to expect and what moves you should make now. One of the most critical moves you can make is to do a check-up and make sure you have the correct amount of withholding taken out of your paycheck. TurboTax has you covered and can help you adjust your withholding allowance on your W-4 with our W-4 Withholding Calculator, which is updated annually to reflect any tax law changes. How does this impact my withholding on my paycheck? Individual tax rates for 2023 and 2024 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These rates will be reflected in the amount of federal tax being withheld from your paychecks. The IRS annually updates these individual tax rate brackets as part of the annual inflation adjustments. When you complete a Form W-4, you allow your employer to withhold federal income tax from your paycheck. Generally, if too little tax is withheld, you will owe tax when you file your taxes. On the other hand, if too much is withheld, you will generally get a refund back. Each year, federal withholding should be close to your ultimate tax liability so you don’t owe money at tax time. Do I need to file a new Form W-4 with my employer? You should file a new Form W-4 with your employer if your personal or financial situation changes or if you start a new job. Form W-4, Employee’s Withholding Allowance Certificate, is completed and submitted to your employer so they know how much tax to withhold from your pay. A W-4 form takes into account the number of people in your household, tax credits, deductions, other income, and if you have more than one job or you’re a two-income household. TurboTax W-4 Withholding Calculator will make it easy to see how many withholding allowances you should take to boost your tax refund or your take-home pay, and also includes the W-4 form that you can print out and give to your employer once you have answered all of the questions as they apply to your specific situation. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed. Get started You know your small business—we know business taxes. Our self-employed and business tax experts will ensure you get every tax break with 100% accuracy, guaranteed. Start for free 100% free to start. Pay only when you file. Previous Post I’m Donating to Charity This Winter, Will I Still Get… Written by TurboTaxBlogTeam More from TurboTaxBlogTeam 5 responses to “Understanding Your Withholding Allowance on Your Form W-4” I am married with 3 kids. How should my w4 be like and how can I file my income tax go maximize refund? Help please! Reply I don’t even know if I got my tax return last year from TurboTax Reply Have used turbo tax over ten years, and cannot get into anything. I have never had a password, and unable to get into programs. please send a phone number and address so I may correct things with your help. Reply I drive for Lyft, What do I do to get the maximum return? Reply If my child lives at home. Andcplanscon enrolling in college. But isn’t working the whole year. Can I claim him? And will I receive a refund for him? Reply Leave a ReplyCancel reply Browse Related Articles Tax Help How to File a Business Tax Extension: Deadlines, Forms, and Penalties Tax Tips The White Lotus Tax Lessons: Navigating Gift Taxes, Lump Sum Payouts, Hush Money, and the IRS Tax Questions What Day Are Taxes Due? April 15! How to File for a Tax Extension or Pay Taxes Online Tax Questions What Happens If You File Your Taxes Wrong? Late Filing Penalties, Interest, and More Tax Questions What’s Tax Deductible? A Guide to Mortgage Interest, Long-Term Care, Funeral Expenses, Student Loans, and Roth IRA Contributions Tax Questions Is it Better to Get Your Taxes Done or Do Them Yourself? (And Other Tax Questions Answered) Tax Forms What is a 1099-K Form? How to Report Payments on Your Tax Return (2024) Tax Forms What is a 1099 Form? A Guide to Understanding Your Tax Obligations Income Tax by State Wisconsin State Income Tax in 2025: A Guide Income Tax by State West Virginia State Income Tax in 2025: A Guide
I am married with 3 kids. How should my w4 be like and how can I file my income tax go maximize refund? Help please! Reply
Have used turbo tax over ten years, and cannot get into anything. I have never had a password, and unable to get into programs. please send a phone number and address so I may correct things with your help. Reply
If my child lives at home. Andcplanscon enrolling in college. But isn’t working the whole year. Can I claim him? And will I receive a refund for him? Reply