Youtube comments of ClearValue Tax (@clearvaluetax9382).
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LOL. It depends on the income level and it also depends on whether your coworker gets paid monthly or bi-monthly or bi-weekly. Here's an example. Let's say you make $60,000 for the year. Let's say you get paid bi-monthly, so twice a month. So that's a GROSS paycheck of $2,500. Let's say on that $2,500 paycheck, you have money taken out for social security, medicare, and state taxes, so you have about $2,100 left-over. In this case $2,100 is not going to be enough to cover the taxes on $60,000. If you run the same scenario with that coworker getting paid MONTHLY, then the gross paycheck would be $5,000. After social security, medicare, and state taxes, you'll be left with about $4,300. That still seems short of the tax liability on $60,000. Maybe your coworker says they set it up to pay no taxes out of their paycheck and then does lump sum dec 31 and they didn't tell you the part where they owed money when they did their tax return and got penalized.
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You apply for the loan. Then when the system is ready, you request the $10,000 advance. So it's really an "advance". So if you're pending a loan of $30,000, you can request an advance of $10,000. They give you the $10,000 before the loan is approved or rejected. If it's rejected, you keep the $10,000. If it's approved, the first $10,000 is forgivable. You don't need to request the advance. You can wait to be approved or rejected.
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Ā @Texas.Shave96Ā Hi Hector, I think you're misunderstanding the whole concept. Let's say you make $50,000 and the taxes come out to $8,000.
If they take out $8,500 out of your paycheck, then you'll get a $500 refund because you overpaid by $500.
So no, you can't have them take out $8,000 out of your paycheck and still get a refund of $500. Then you'd be at break-even.
If you have them take out $7,500 out of your paycheck, then you would owe $500 in this example.
Breaking-even means that you're sending in the correct amount of taxes that you will owe, so you will owe $8,000 and you paid in $8,000, so there's no refund and no tax balance due. If you want a refund, you need to overpay your taxes, which means take more taxes out of your paycheck, which means a smaller paycheck.
So if you write down 2 dependents for $1,000 in STEP 3, then you will be underpaying your taxes, because you only have 1 dependent (your mother). So if you have no other income and no other deductions, then when you do your taxes, you'll owe $500 because you had the payroll system take out $500 less in taxes than you should have by claiming yourself as a dependent when you are not a dependent of yourself. I think you're getting tripped up by the old 2019 system because you claimed yourself as an "ALLOWANCE" not as a "DEPENDENT". For example, Single-2 was "Single with 2 allowances" it was not "SINGLE with 2 dependents".
I hope that helps.
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It depends on your income, your filing status, and whether you're a real-estate professional or not.
Rental activities is passive income. If you have other passive gains, then the rental losses can offset those passive gains.
if you don't have other passive gains, then you can use the rental losses to deduct against other income, such as ordinary income from a W-2 or capital gains. However, once your income starts exceeding $150,000, the losses become non-deductible. You don't lose it, they just accumulate and carry-forward.
However, there's not loss restrictions based on income if you're a real-estate professional.
I hope that helps!
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Hi Yessica, in your case, you should get nothing back. If you get nothing back, that just means you received $1,200 more during the year compared to last year, so it all evens out. If you want to get a $1,200 refund back, kind of like a "forced savings", you'll need to enter into STEP 4(c) $100 if you get paid once a month, $50 if you get paid bi-monthly, or $46.15 if you get paid biweekly. Or if you want that $1,200 during the year, don't input anything onto STEP 4(c) and then your paychecks will be bigger by $100 a paycheck if you get paid once a month, or bigger by $50 if you get paid bi-monthly, or bigger by $46.15 if you get paid bi-weekly. I hope that helps Yessica!
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Hi Dillon, the majority of my clients that own a rental property do not have experience around house repairs and they hire contractors to do the fixes or they have a management company and they hire the repair people. For those handymen, people will usually just go to yelp, craigslist (be careful here of course), or just google it. If you don't want to handle emergency repair calls or deal with the tenants, people usually get a management company to be the intermediary between you and the tenant so you don't have to do a thing. Of course, the management company charges a monthly fee, but sometimes it's worth it to a lot of people not dealing with any issues that arise. But anyways, to answer your question, yes, absolutely, people are still very successful in rental property investing without being handy around the house. I would say the biggest potential problem would be getting a bad tenant, so make sure you do a good thorough screening.
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Hi Terri, yes, the standard deduction for single filers is $12,400 in 2019. However, it's adjusted for inflation (slightly) each year. In 2018, the standard deduction for single filers was $12,000. You opt between claiming the standard deduction and itemized deductions. If your itemized deductions won't be greater than your standard deduction, then you'll claim the standard deduction. The most common itemized deductions will be mortgage interest, property taxes, and charitable contributions. So kids (as you mentioned) will not be a variable in determining whether you plan on claiming the standard deduction or itemized deduction. The kids will be reflected on Step 3 of the W-4, so they're mutually exclusive from contemplating whether you're completing Step 4(b), the itemized deductions.
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Hi Tricey, basically, if the child is under 17, you'll qualify for the $2,000 tax credit instead of the $500 tax credit when you do your tax return. Step 3 is asking you this to see which one to factor in for you (withhold $2,000 less from your paychecks or $500). If you claim EXEMPT, that means to withhold zero federal income taxes. Claiming a dependent, let's say $500 in this case, would mean withhold $500 less in federal taxes. So claiming a dependent while claiming exempt is a moot point. You should be claiming exempt if you do not expect to have any federal tax liability. For example, if you are married and file jointly, your standard deduction is $24,800. If your total income is $24,800, the standard deduction reduces your TAXABLE INCOME to $0, therefore, you have no tax liability. So any taxes you withheld would have been refunded back to you. Basically, if you don't expect to incur any tax, then you would select exempt.
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Hi Seth, these are the averages within those income classes. However, certain instances would trigger a higher audit risk for you, such as your mentioned 20,000 charitable donation on $50,000 of income. So there, your audit risk might be elevated from 1% to 5%. However, on the flip side, if you have just a W-2 and maybe some interest income and everything looks squeaky clean, even though the average is 1% audit risk, your audit risk might be 0.001%. But the average of all those scenarios within that income category averages out to 1%. So even if the "average" is 1%, your true probability still depends on your activities and if there's any audit triggers or red flags on your return.
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Hi Lissette, thank you for watching and for the support, I truly appreciate it! I read that you're a full time student. Therefore, if your TOTAL income for the year will be under about $30,000, then you just need to fill out STEPS 1 and 5 and then you'll be complete. I say approximately $30,000 because your first $30,000ish will be tax-free due to the $12,400 standard deduction and one of the educational credits you should receive. If your income will be above $30,000, you'll need to modify your STEP 2 in your W-4(s). I hope that helps Lissette!
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Ā @shaunlundy1634Ā Yes that's correct. The way to think about the tax process is like this... let's say you expect to make a $100,000. Based on $100,000 you'll needed to have paid-in $13,000 of taxes.
However, you have 3 kids and receive a $2,000 tax break per kid, so your taxes will be reduced to $7,000 (instead of $13,000 for a person making $100,000 with zero kids).
If you don't let the payroll system know that you have 3 kids, they'll withhold $13,000 of taxes from you on your pay throughout the year.
When you do your tax return, you'll find out you overpaid by $6,000 and get that refunded back to you.
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Let's say you have zero kids and based on your earnings, you're expecting your total tax liability to be $10,000. You want to try to withhold about $10,000 on your paychecks so that you don't owe taxes or get a big refund when you do your tax return.
Let's say you have two kids and based on your earnings, you're now expecting your total tax liability to be $6,000 (because you get a $4,000 reduction in tax for having two kids). Then you want to withhold about $6,000 in taxes on your paychecks so that you don't owe a lot or get a big refund when you do your tax return. So therefore, you're telling the payroll system that you have 2 kids, so that you don't pay-in $10,000 and have to wait to get that $4,000 refunded back to you when you do your tax return. I hope that makes sense.
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Caryn, you as the higher income earner, need to make the adjustment on 4C. That is only you, so on your husbands W-4s, he will not be making any adjustments on 4C. You will claim the 2 dependents in Step 3, your husband will not (otherwise you'll be double counting or triple counting). The amount on 4C means to withhold that amount per paycheck in addition to the default settings, basically, what would have normally been held. I hope that helps. If you have further questions, please do not reply to this thread, otherwise, I don't get a notification, you need to create a new comment rather than reply.
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Hi Delaw2 xoxo, if you made under $40,000, you should not have a tax balance due in that situation. So if you're not withholding any FEDERAL taxes, that's fine. If you had $40,000 of income, you would owe like $171. However, if you're under $40,000 (including deductions, let's say you bought health insurance through your work), then you shouldn't owe anything. So not withholding federal taxes is fine. However, for state, I'll bet you owe money. However, it shouldn't be a huge amount. Depending on what state, but it may be a few hundred bucks. I hope that helps Delaw2 xoxo.
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Chris, in this example, $10,390 is how much more the couple should withhold compared to the default settings on your combined income. Essentially, the higher earning spouse gets the burden of withholding that additional $10,390. That may sound unfair or unreasonable for the spouse earning more, but that's the recommended way to do it because it's probably the easiest way to do it. However, absolutely, you can have both spouses share that burden of withholding the $10,390, but again, that would be more complicated manipulating and coordinating the W4s between spouses. But in my example where one spouse makes $250K and the other makes $50K, yes, it probably makes more sense for the higher earning spouse to fork over the additional $10,390 rather than putting that burden on the lower earning spouse making $50K. Please let me know if you have any questions and Happy New Years Chris!
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Hi Alanna, in your case, you should not be withholding any federal taxes. You're going to end up paying zero federal income taxes and whatever federal income taxes you withhold will just be refunded back to you when you do your tax return. For example, your standard deduction for head of household will be $18,650, so that reduces your taxable income from $20,000 to $1,350. So you're only going to get taxed on $1,350, which comes out to $135 in federal taxes. However, you get a $2,000 tax credit for your child. You'll also get some other credits so you'll get a refund. So don't hold any federal taxes, otherwise, you're just giving it to them for them to return it to you later. For state taxes, if you live in a state with state income taxes, you should probably be withholding a little bit. I hope that helps!
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Hi Hitomi, there is no translation of "0 allowances" anymore into the new system. You're aiming to shoot for the same result, like break-even or owe a little, or get a small refund, then know that if you fill out the form correctly, it will get you close to break-even. If you want to manipulate the form to have a small refund or have a small tax balance due, you can make those adjustments on the W-4. I can't say how to get you to the "equivalent of 0 allowances" because I don't know if 0 allowances produced you a result of a big tax balance due, small tax balance due, break-even, small refund, or big refund. I hope that makes sense!
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Hi Jamie, thanks for watching and for your support!
So you asked "Would he fill in the "other section" and use my taxable income after deductions to figure out what he should have withdrawn from his paycheck?" If he does, then the answer will be roughly, but it will be underwithholding slightly. The reason why I say that is because your tax rate will be higher than an employee's income.
For example, let's say your profit is $10,000. Your tax rate as a self-employed person is higher compared to if you were making $10,000 as an employee. The reason is due to self-employment taxes (which is really social security and medicare taxes).
Using this example, if your husband inputs $10,000 in STEP 4(a) then it will only take into consideration the federal income taxes on your $10,000 of profits, but not the social security and medicare taxes (which is a high RATE of 15.3%). So yes, it would be close, but would be undershooting a bit, I guess by 15.3% to be exact. I hope that helps Jamie!
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Hi James,
#1. Yes, input $6,000 ($2,000 per child under 17).
#2. If you have any investment income (interest/dividends/stock gains), you'll need to estimate that figure here.
#3. You'll be fine leaving this blank unless you have a LOT of charitable donations (like $10,000+) or a really big mortgage (like $400,000+). Otherwise, even if you itemize, it will not be meaningful compared to the standard deduction.
#4. If you want to withhold more taxes to ensure you don't have a balance due when you do your tax return or you just want a refund when you do your taxes, input a value here for how much additional taxes you would like taken out of your paycheck per paycheck.
I hope that helps! Thanks for watching and for your support James!
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Hi to The Menace. Claiming 9 allowances in the old W4 would essentially have you withholding zero federal income tax. The problem with this year's W4 form is that there is no longer such a thing as "allowances". So if you're essentially trying to withhold zero federal income taxes, you can make that manipulation on either Step 3 or on Step 4(b). I would do so, just for your specific scenario, in Step 3. Step 3 is telling the payroll system HOW MUCH LESS IN FEDERAL INCOME TAXES TO WITHHOLD. Sorry for the caps, I just want to emphasize that portion. Put a larger number in so that you don't withhold any federal income taxes. For example, if you plan on making $50,000 then your federal income taxes to be withheld would normally be something like $7,000 in federal taxes. Then in Step 3, put in something above that figure ($7,000 in this example) so that you end up withholding $0. Or put in something even higher like $10,000 so that you are sure not to withhold anything for federal income taxes. Please let me know if you have any questions about this.
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Hey Adidasoccer111, congrats on the marriage! First, you don't claim her as a dependent. You get a tax break by filing married-filing-jointly and having a spouse that doesn't work (compared to filing single). Second, $12,000 - $15,000, is that net taxable income or gross income? You should watch my Uber video to decrease your taxable income from Uber, Lyft, Doordash, & Shipt.
This is going to get too crazy to accurately reflect this on the W-4. You're better off sending in an estimated tax payment on that taxable income rather than trying to configure the W-4 for all of these outside jobs. I'm seriously not trying to upsell myself, but you should watch my videos about estimated tax payments as well.
Basically, in a nutshell, let's say you have $12,000 of net income and you can expect 25% of that to go to taxes, so $3,000 should be sent in for taxes. It's not going to be easy, at least with the information I have on hand for you, to configure your W-4 to withhold an additional $3,000 in taxes from your W-2 job. That's why I say don't even reflect that on your W-4 and just send in that $3,000 (in this example) as an estimated tax payment. It would be way easier and more accurate.
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Dang Bianca, you sound busier than me during tax season! As you can tell, your schedule is unpredictable, therefore, your income will be unpredictable, at least not as precise as you'd like the forecast to be. Therefore, the best you can do is make a best guess. It sounds like the job that you teach at once a week sounds more predictable in terms of predicting the annual income, as opposed to the other two gym jobs. Nevertheless, you'll need to estimate what you think you'll total in income for those 3 jobs. With that annual forecast, use the chart with your full-time job and the sum of the 3 jobs as your "second job" in the chart. That's how you'll ultimately get to 4(c). I hope that helps Bianca, thank you for watching and supporting!
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Hi Jerry, it really depends on the kids. And yes, even after the self-employment taxes, they'll net somewhere along the lines of $3,000 with one kid. So they won't pay-in anything and receive about $3,000 of free money. Usually a refund is an overpayment of taxes being refunded, but in this case, of course nothing was sent in, which is why I refer to it as free money. Think of the numbers this way... let's start with $20K. With one kid, if you're head of household, then that's a ~$18,000 standard deduction right there, no federal income taxes (or $24K standard deduction MFJ). So you're stuck with the self-employment taxes, which would be about $3,000 (a little under). Then you get the Earned Income Tax Credit AND the child provides a REFUNDABLE child tax credit as well (refundable credits are credits they pay out as refunds even if you have no tax liability, compared to non-refundable tax credits). So it should net you around $3,000 of free money. The results would be better with 2 kids or more kids and the results would be worse with 0 kids, so I wanted to use with 1 kid in my example, I hope that helps!
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Hi Tinu, unfortunately, there's no more "allowances" in the new system. It doesn't translate. If you want a smaller refund, if you answer the applicable questions appropriately, then it will get you to close to break-even. If you want to aim for a smaller refund than last year, but still in refund status, you can manipulate the settings to overwithhold slightly extra PER paycheck by letting them know how much additional to withhold from each paycheck on 4(c). This would only be if you want kind of like a forced savings, otherwise, as I mentioned before, if you fill it out correctly, you should be near break-even when completing your tax return. I hope that helps!
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Hi DithsHauteSpot, yes, all of your questions make sense and they're good ones.
Regarding requesting exemption from federal taxes:
To claim exemption from withholding, certify
that you meet both of the conditions above by writing āExemptā
on Form W-4 in the space below Step 4(c). Then, complete
Steps 1(a), 1(b), and 5. Do not complete any other steps.
Regarding who should withhold the extra taxes... well first of all, they're not really "extra taxes" as it implies. It just means withhold more than the default settings. I know that wasn't your question but just wanted to point that out to the other readers. Okay, so for this one, it is recommended that the higher earning spouse withhold the extra taxes. Yes, you can kind of MacGyver both W4s to have both spouses bearing a portion of the burden, rather than having the higher earning spouse take the full burden. I think it's the recommended way because it's just easier (although kind of unfair to the higher earning spouse unless all the finances of the household are completely shared). But yes I agree with your statement, it's kind of unfair to withhold the same amount from the person earning less.
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Hi CMooth Moves, the thing is that there are no more allowances (claiming of yourself). The whole system changed. However, it's not like you are losing out on anything. In the old system, claiming yourself just let the payroll system know not to hold taxes from your paycheck at the highest rate. You can achieve the same result on the new W-4, however, again, there's no such thing as allowances now. In the new system, if you fill out the form properly, when you do your tax return, your results will be near break-even. If you want a refund, you'll have to manipulate the W-4 to hold a little extra tax from you each paycheck on STEP 4(c). Or if you want to be at break-even (not withhold too much nor too little), then you just answer the applicable questions appropriately. I hope that helps!
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Hi Latrice, it is not. In this version, the 2020 version, Step 3 is the annual dollar amount of how much less federal taxes to withhold. Each "1" allowance in the 2019 version was a different dollar value depending on how much income you were making. For example, in 2019, if you wrote 1 allowance and you made $30,000, you would withhold like $1,000 less in taxes. If you wrote 1 allowance and you made $300,000, you would withhold like $6,000 less in taxes. So here, in 2020's version, for Step 3, you're giving the actual annual dollar figure.
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Hi TheMonkeyally, the IRS has no visibility on the ownership splits. That's only an issue in the event of an audit. They'd give you a hard time to justify your splits, but they'd give you a hard time in an audit for just about anything anyways. You're supposed to split it based upon "economic reality", but again, the IRS has no visibility on the actual splits. Also, if you have rental activities, more often than not, there should not be taxable income due to "tax expenses" such as depreciation. Also, if there is a profit, it should be very minimal for tax purposes. That's unless you have a very extremely rare, super profitable rental property.
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Ā @gmro-ronosinski5102Ā Hi Ron, I mean it's lower taxes each year due to inflation. For example, if you make a $1,000,000 right now, you'll break into the highest tax bracket in 2020. In a 50 years from now, if you make a $1,000,000, that will probably be so little money and you'll be in a very low tax bracket. If you make the same amount of money each year, the inflation adjustments work in your favor to lower taxes.
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Hi Sara, yes, you factor in the 1099 income on line 4(a). But whoever is making more, make sure they fill out STEP 2 on their W-4, otherwise, you might end up owing. If you want a small refund, the person who makes more should fill in on their STEP 3 "$2,000" instead of "$4,000" and then you should get a similar refund as before. Just please make sure that both of you do not input a value on STEP 3 on your W-4s, otherwise, you'll be double counting and you'll owe.
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Hi Angela, yes, I see this a few times a year with certain clients. I've seen about 15+ W-2s, but as you mentioned, I'm sure you know of others with even more. So that's the thing, with a smaller W-2, let's say the payout is $1,000 gross. Even if you set it to the maximum settings, to pay the highest amount... it's still set to pay the maximum settings on a person making $1,000 a year, so it really doesn't do you any good to try to manipulate the W-4s on the smaller paying jobs. My recommendation is try to factor in all these other jobs on thee highest paying job W-4 in Step 4(a) by filling in the total expected income expected from the other smaller jobs.
Without doing this modification, I know that a person would be severely underwithholding. If you have any questions, it's best to leave a new comment as I don't get a notification for responses to replies. Thank you Angelina!
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Hi Jared, why are you claiming $500 for your wife? Is your wife a non-resident of the US? That's about the only time that will apply, a non-resident spouse. Yeah, you're going to pay close to zero in taxes. If you make $52,000 a year, after your standard deduction, you only have $28,000 of taxable income. That's only like $3,000 of taxes but you get a $2,000 tax credit for having a qualifying child. So that only leaves you a tax liability of like a $1,000. So having withheld like $20/week sounds right. You'll be at break-even when you file your taxes (or maybe owe $500 if you improperly are claiming your wife as a dependent). If you want a refund, input on STEP 4(c) how much more you'd like to have withheld from your paycheck and that will be refunded to you when you do your tax return. I hope that helps!
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Gates, I think you interpreted a lot of things incorrectly. First, if your depreciation deductions create a loss for you, then when you sell the property, the losses deduct against your ordinary income (and ordinary income rates, so not the 15% cap gains rates). So you get a deduction that could potentially be shielding you from 37% tax rates (not 15%). Second, you're forced to claim depreciation deductions, if you don't, then you lose that benefit. You can't claim zero depreciation recapture because you claimed zero depreciation, that's not allowed. So yes, it's confusion... but it's not unnecessary confusion, it's necessary confusion. And another point is that you're making money by having your renters build equity for you. Also, it's not even about ROI in this situation because it's usually FREE money with a cash-out refi. We'll make a video to explain this after tax season. So forget about claiming a 6-8% ROI, it's actually free money if you do it right and you know what you're doing. You put money down, you get the renter, you refi and get your principal back, and the renter pays your mortgage and builds your equity. If you get your principal back after 1 year and it's building you equity, then I believe the ROI is infinite, not 6%. I hope that helps and brings some clarity.
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Hi David, no, if you put 0 allowances in the old version it would hold at the highest DEFAULT rate in the past. A lot of times, people would end up owing, even large balances due with the 0 allowance setting. For that reason, in the old W-4, they put in the "hold additional taxes per paycheck" option for people where S-0 or M-0 was still not holding at a high enough rate. In the new W-4, if you fill it out accurately, it will get you to break-even. There is no such thing as "maximum taxes" anymore. There is no equivalent to S-0 anymore or M-0 anymore because again, for some people S-0 led to a tax balance due and for others, a big refund. I hope that helps. Basically, you need to ask yourself what kind of result you want on your tax return and take it from there.
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Your refinance and loan and principal activity will not factor into the equation (besides deducting refinancing costs). For example, if you bought a property for $100,000 and sold it for $130,000, you would have a $30,000 gain. It wouldn't matter if you bought it in cash for $100,000 or if you had put down $10,000 and took a loan out for $90,000. Regardless of what your loan balance is, you have a $30,000 gain (purchase price $100,000 and sale price of $130,000).
I'll give you an example. Let's say you bought the house for $100,00 and paid it all in cash. If you sell it for $130,000, you walk away with a $30,000 taxable gain. You started with a $100,000 in cash and walked away with $130,000 (ignoring closing costs). So $30,000 gain and you walk away with $130,000, so you walk away with $30,000 more than you started with.
Let's say you buy a house for $100,000, you put down $30,000 and got a loan for $70,000. You sell it for $130,000. When you sell the property, $70,000 goes back to pay off the loan, so you're left with $60,000 ($130,000 - $70,000). So you're left with $60,000, which is $30,000 more than you started with.
So the loan balance and principal has no affect on the gain/loss (unless your property is under-water, debt greater than sales price, then it becomes an issue for tax).
So it's simply how much did you buy it for and how much did you sell it for. Whether you got a loan to buy it or not and how much of a loan won't affect the equation.
Hope that helps!
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Hi HK, they revised the method of calculating and completing the W-4 because this version should be more accurate, because as you can see, they're asking you many more questions rather than just claiming "0" or "1", etc... This answer would be easy to answer in most situations, however, in your situation it's much more difficult because I just read your comment that you're working W-2 and 1099-MISC jobs. Jeez, in that situation, it's going to be very difficult to accurately withhold in your situation since you have different TYPES of income and SOURCES of income. If you have 1 job as your primary job that pays the majority of your income, in that circumstance, it would be easier by inputting a value in STEP 4(c), kind of as you mentioned. But what value to be inserted depends on your situation, in your case, there are so many variables.
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Karina, first off, the W-4 has NOTHING to do with your CA taxes. So you can't blame the W-4 for that. The CA taxes are determined by your State's W-4, the W-4 is for federal taxes. Whether you should be withholding federal taxes depends on your situation and income levels. If you're head of household and have 1 dependent for $500, in other words, not a child under 17, then if your income is under ~$23,000, then you shouldn't be paying in federal taxes. If it's over, that then yes, you most likely have a problem.
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Buenas Nanis, si tiene un hijo y lo reclama como dependiente en el W-4, le cobrarĆ”n $2.000 menos en impuestos durante el aƱo. Por lo tanto, su reembolso serĆ” $2.000 menos cuando haga su declaraciĆ³n de impuestos, sin embargo, tendrĆ” $2.000 mĆ”s durante el aƱo, porque le quitaron $2.000 menos en impuestos. Si no reclama a su dependiente en el W-4, entonces le quitarĆ”n $2.000 mĆ”s en impuestos de sus cheques de pago, asi que tendrĆ” $2.000 menos durante el aƱo. Sin embargo, cuando complete su declaraciĆ³n de impuestos, obtendrĆ” esos $2.000 en ese momento. Por lo tanto, es su decisiĆ³n si desea reclamar a su dependiente ahora y tener ese dinero ahora durante el aƱo o si no desea reclamarlo ahora y obtener ese dinero cuanda haga su declaracion de impuestos. Espero que eso le ayude.
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J John, do this one:
AND THEN for Line 2bā¦do we combine the two highest paying jobs for a total of $43,000 ($40,000-49,999) and intersect with the lowest paying job of $10,000 ($10,000-19,999); which intersects at $2,220
Correct, the lower wage earning spouse should not complete the worksheets (steps 2, 3, and 4).
And correct, if one spouse completes the 2020 W4, the other spouse should do it too to be in sync with one another, otherwise, the other spouse would be going with 2019 W-4 settings and it will most likely be totally uncoordinated.
You write very clearly!! Thanks for commenting!
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Hi Laura, your spouse will input $500 for your 17 year child in STEP 3 of their W-4. Your spouse should fill out STEPS 1,3, and 5. You are a contractor (1099-MISC), therefore, you don't have a W-4 nor do you have taxes taken out of your pay. However, there is too many variables in your situation since you can deduction business expenses. Therefore, I would recommend that your husband fills out STEPS 1,3, and 5 and you make estimated tax payments based on your PROFITS, so you need to take expenses into consideration. Sending about 28% of your profits to the IRS would be a good start and of course you can adjust up or down from there. Don't forget the state taxes as well. I hope that helps! Thanks for watching and your support Laura.
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Hi Frank yes, but it counts against you in the cos-basis equation. For example if you bought a property for $100,000 and sold it for $100,000 in the same year and let's say the depreciation deduction was $5,000, then this is what happens:
Depreciation deduction: $5,000
Cost Basis now drops to $95,000 and you sold it for $100,000, so a $5,000 gain.
So that's how it balances. You got a $5,000 deduction that's in your favor and when you sell it $5,000 working against you.
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Ā @ceciliaperez9925Ā Hi Cecilia, that's not really comparing apple to apples. For example, if on your 2019 wages, the payroll system by default on your earnings withheld $1,000 of federal taxes, but then you set it to withhold at $1,020, it would appear as "withhold an extra $20 per paycheck". If on the 2020 wages the default amount of taxes to withhold on your paychecks is $800 but you want to set it to withhold at $1,014, then it would appear as "withhold an additional $214 per paycheck". The most accurate way to compare 2019 vs 2020 is to compare how much taxes they're withholding from you in total per paycheck, factoring in any differences in taxable income/deductions.
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Ā @The_Menace_1Ā Hi The Menace, perfect. If you wrote $10,000 on Step 3 (before 4a), then that means "don't withhold up to $10,000 in federal income taxes". For example, if the payroll system was going to withhold about $11,000 in federal taxes from you, then it would take the $10,000 into consideration and then end up only withholding $1,000 in federal income taxes (the $11,000 in federal taxes it normally would have withheld minus the $10,000 your wrote down on Step 3). So if you wrote in $10,000, then if you would have normally been withheld $10,000 of federal income taxes or less, then you should be good and it should withhold $0 from you then.
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