If you want to get more money in your paycheck by adjusting your W-4 form, you’ll need to increase the number of allowances you claim. Here’s how to fill out your W-4 form to achieve that:
- Understand the W-4 Form: The W-4 form is used by your employer to determine the amount of federal income tax to withhold from your paycheck. It includes a worksheet to help you calculate the number of allowances you should claim based on your personal and financial situation.
- Complete Personal Information: Fill out your personal information at the top of the form, including your name, address, Social Security number, and filing status (single, married filing jointly, etc.).
- Complete Step 1: This section is for your personal information and filing status. If your situation hasn’t changed, you can simply check the box for your filing status and move on to Step 2.
- Complete Step 2: This section is where you claim allowances. The more allowances you claim, the less federal income tax will be withheld from your paycheck. Use the worksheet provided to calculate the number of allowances you’re eligible for based on your income, deductions, and credits.
- Consider Additional Withholding: If you want to ensure you’re not under-withheld and avoid owing taxes when you file your return, you may want to consider requesting additional withholding. You can do this by entering an additional amount to be withheld from each paycheck in Step 4(c).
- Sign and Date the Form: Once you’ve completed all sections of the W-4 form, sign and date it before submitting it to your employer.
Keep in mind that while increasing the number of allowances will result in more money in your paycheck, it may also lead to a lower tax refund or potentially owing taxes when you file your return. It’s essential to strike a balance between getting more money in your paycheck and ensuring you’re not under-withheld at tax time. If you’re unsure about how to adjust your withholding, consider consulting with a tax professional for personalized advice.