Question

2020 W-4 Dependents

Forum|Forum|6 years ago
February 3, 2020
1 reply
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Do my spouse and I both put all of our eligible children on the new W-4, Or does only one of us get to claim them? On mine I have the 2 and the credit of 4,000. Does my spouse do the same or does she put 0? I make more than her if that helps.

Not A Product Question

RobertG

The old rule of thumb used to be that the higher-earning spouse claimed all of the dependents and the lower-earning spouse claimed zero dependents.

However, under the new tax law with the deduction for dependents replaced by a credit, this method is less accurate.

If you haven't filed your 2019 return yet, use the power of TurboTax to generate a new W-4 form.

If you have already filed your 2019 return? Use the TurboTax online W-4 Withholding Calculator at TurboTax.com instead.

Here's how to generate and print a new W-4 using TurboTax. We recommend having your most recent pay stub handy:

Open or continue your return.
Inside TurboTax, search for W4 and select the Jump to link.
Answer Yes to Do you want to change your W-4 withholdings for 2020?
The following screens will ask you for your filing status, number of dependents, expected income, deductions, and other factors. Answer the questions as best you can for the most accurate result.
You'll eventually come to Print Form W-4 Results. Select the button(s) to print your W-4 form(s).
Print (or make) a second copy for your records and give the original to your payroll department. Do not file the W-4 with your tax return.

How do I update my 2019 withholdings and print a new W-4?

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B

bc_waltersAuthor

Of course the turbotax witholding estimator is down for updates. I'm assuming for the very issues I'm referring too and the new W-4 form. For now I'll just claim 2 and have her put zero. I'll check out the calculator once it's up again and change accordingly. I tried the IRSs calculator. The pre- filled form did not fill out the dependent section, only extra witholding section If you want a bigger return. Thanks for the info, hopefully the turbotax calculator is a bit more informative.

CatinaT1

As part of the Tax Cuts and Jobs Act, the IRS and Treasury adjusted the tax withholding tables, which affects the amount of income taxes withheld from your pay. For 2020, W4's have been completely redesigned. Exemptions or Allowances are no longer applicable.

My suggestion is to use the IRS Tax Withholding Estimator here.

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