How To Set Your W4 Tax Form to Get a Refund or Break-Even
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- Опубліковано 20 вер 2024
- Click here for our video on how to fill out a W4 Tax Form: • How to fill out a W4 Form
This is the W4 Explained on how to set the W-4 tax form in order to get a refund, break-even, or even a tax balance due when you do your tax return.
The W4 tax form 2020 is a revised form compared to the 2019 W4 tax form. In the 2020 W4, there are no more such things as allowances. The W-4 2020 eliminated this system. And it will not reappear in the W4 tax form 2021 either. So in this video, we're going to show you how to fill out a W4 form to get your desired results for when you do your tax return.
So this is a more in depth video about the 2020 W4 explained rather than a tutorial on how to fill out a W-4 tax form.
If you want to set up the W-4 to get a big refund, then we'll show you how to fill out a W-4 form in order to achieve that result. If you want to know how to fill out a W4 form to under pay your 2020 tax or your 2021 taxes, then we'll help you with that too.
We hope you enjoy this video about the W-4 explained and I hope this helps you with your 2020 taxes and also your 2021 taxes.
Sincerely,
The ClearValue Tax Team!
Pelosi clearly stole the rip up from you!
OMG thank you for calling her out on that one! Yes, I did that a few days before she did. She totally RIPPED that one from me. Get it? LOL.
At least he didn’t have to pre rip it😂
ClearValue Tax can you help me out with this new tax form bc I use to claim 0 but sick of Uncle Sam taking to much from me so I want to change it to a 1 but not sure how it done with the new form
but trump did not
Pelosi is a beta unlike Chad Trump
4 days. For 4 days i read everything I could when I had time to try and understand the 2020 w4 to full comprehension. I was still confused until this video - thank you
You understand how to teach very well and and break things down so that anyone can understand. You explain things we all wish we would have been taught. Thank you! 🖤
This needs to be taught to kids in middle school...
My 12 yr old son was just saying the same thing!
High skool
Amerikkka doesn’t want us to be great without them being in control
Why? How many middle school kids are filling out W-4s??
@@mr.mikedaniel2376 be that as it is in their current circumstance
The extent of which taxes affect us all
Demands knowledgeable to the proficient degree at an early age
Thank you! You have no idea how stressed out I have been trying to figure this out going from head of household, one dependant, and one job to single, no dependants and two jobs. I can't believe I did not think of looking it up on UA-cam sooner. My HR don't know crap. So I have been left to fend for myself. I've looked all over everywhere and have been so scared to make adjustments that would leave me broke! You are my hero today!!!!! Wooooo!!!!! 👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
It is funny watching older videos of B and still seeing his passion hasn't changed! Thanks for this video, as I wanted to get closer to the Small Balance Due. Thanks!
Best video on UA-cam right now! Thank you thank you! I had been struggling with a lot less in my paycheck in 2020 with the new W4. I'm a commissioned sales rep so I'm taxed heavily and always receive a large refund. With the 2020 W4 I was lost and I couldn't find a good explanation. Your video was great. I went right online and did my adjustments to my 2020 W4 for my payroll. Thanks again!
I'm sooooo happy to hear it helped! Thank you so much for the feedback and kind words, I appreciate it Reeshard!
I came to realization that nobody really know how to fill the w4 withholding form
This change on the w4 forms are gonna screw a ton of people next tax season...
What about soc.sec
People!!!???
It did! We owe over $2k after using the estimator tool last year!!!
Yeah I got screwed this year lols, you a psychic
Yes i'm one of them owe now over $3k! :(
Yup. They fucked a lot of ppl
You know Brian, you are pretty amazing. I just want to say thank you for all the information you put out here and I can't believe how many people you answer with their questions. I read through the comments and found my question about the messed up IRS calculator telling me to add additional tax money when I want to drop my refund from 1,500 to 500. Thank you for answering and I can do the math on my own. Just thank you for answering people, it is sooo helpful.
Hi Margie, yes, I have a lot of people telling me the same thing that the IRS calculator is outputting bad advice and recommending you add more withholdings when you trying to reduce the withholdings. Perhaps the IRS is trying to trick you for their own benefit? haha, jk. And thank you for the kind words. I'm just trying to help as many people as I can! But thank you again for your kind comment and your support Margie!
Did they fix the calculator?
It's needs to be disbanded
For such a complicated NEW form you broke it down for dummies! Thank you sir, you rock!
Thank you Josh, YOU rock!
Why do I have to spend time trying to figure this out? The IRS is a joke. They know exactly how much we should be paying and they take extra by default.
Clear, concise and simple! Much appreciated, Bryan!
Perfect. I was really clueless. This was the simplified version I needed.
Good information! The irs is not clear, thats why we have CPA/lawyers. What I enjoy about your videos is that you speak to me as I’m a 4 year old. You keep the IRS bs so that I can get my head around there wording. When I was working it was tough. Then have to worry about my taxes at the end of the year. I would often say,”Why did I do that extra work/money only to pay extra taxes and not spend the time with my family “ Been together family 35 years, 71 years old now and divorced . Hopefully your readers will understand that , not having a good CPA could add extra havoc ... Bob
This video helped me out SO MUCH. I have never understood taxes and have always put exempt since my first job…I now owe MAD money…but I also now know better thanks to your video. Thank you so much
You have a new subscriber. This was the only vid I found to confirm that anticipated tax credits can just go on line 3 directly with nothing being on the dependent lines. I know the instructions say it can be listed, but wasn't 100% if there were any other notations needed. Thanks again!
Thank you!. Even though I am married with 2 kids my wife and I claim single with no dependants to ensure we never owe taxes and use the return to invest into college funds, retirements accounts, and or health/dental/life insurance fund for the next year.
We do this by using high yield savings accounts or cds.
I am so happy I found you! I am going crazy over this new process! I didn't realize the form had changed, was on maternity leave and had gone exempt to get my xmas bonus. Upon changing my what I thought was exemptions, i listed 6 as I've been doing for years. This triggered no federal taxes being taken out. Call my HR and they said I was now given a deduction as exemptions were removed. I freaked out and changed my form, left everything blank except where it asks if I have kids under 17, I listed 3. Had a federal refund of about 2800 in 2019 (only had 2 kids then, I have 3 now. I just did my taxes and got 4800 back from fed. Married filing jointly with 3 kids. Currently I'm the only one working since daycare insanely expensive. This year I'll make about 60-65K. I definitely don't want to owe and would like a little something back next year. How can I achieve this? If I set the form to maybe take out about $55 a check will I be ok? Or will leaving it with 3 kids will I still be ok? California resident. PLEASE HELP!
didn't learn anything from this. basically your answer is to read the W-4 form and fill it out correctly. I'm not a tax professional and don't understand legal/tax jargon. If I did then I wouldn't need to watch tax videos.
Thank you!!!! seriously, all the other videos people don't take the time to explain each step the way you did!
Love the way Brian explain Taxes...thank you sir!
GETTING VERY TIRED OF PAYING OTHERS PEOPLES BILLS TO THE DETRIMENT OF MY FAMILY.
This was by far the BEST breakdown I have seen so far! Kudos!!
I think I figured out the problem with the IRS withholding calculator. If you run it through at your current withholding (i.e. from your 2019 or earlier W-4) it does show you a good estimate of what your refund will be at that much less accurate annual withholding but with your accurately calculated 2020 tax liability. If you're fine with that refund amount, it obviously suggests no changes to your W-4. However, if you try to adjust your refund at all up, down slightly, or all the way down to $0, it assumes you'll be filling out a new 2020 W-4 with the new, more accurate withholding tables. That's how I was getting a suggestion to withhold extra even when I wanted my refund to go down. It looks like, for me at least, the new withholding tables are only about $400 off from my expected 2020 liability, so any attempted refund adjustment higher than $400 would require extra withholding beyond the new tables.
Good find and thank you for sharing Rural Jefferson. I'm pinning this message for people to see. Thanks so much again!
Margie Kaiser Yes, it was that way for me anyway because I’ve already had two pay periods and will have a third before the new withholding will be applied to me.
Thank you for making a clear cut video that explains everything in detail! We appreciate it !
Please do one of these for the 2021 w-4 form! I want to break even or get a VERY SMALL refund. Married, filing jointly. Make under $40k per year. Used to do M-2.
Wow, you are the accountant of the future, or the accountant Apostle.
Very straight forward explanation.
Thank you.
That's the first time I've been called that, thank you Angel Torres!
That recommendation around step 3... very helpful and simplified it nicely. Thank you!
What are the penalties and ramifications of claiming "exempt" or increasing the dependents claimed (when you have no kids) in regards to the goal of keeping as much of your paycheck throughout the year. I.e owing the IRS during tax season instead of receiving a refund.
Thank you. Either my wife or I are filling out our W4 incorrectly. We think we are doing it correctly but we end up owing $5k+ each year.
Yo the algorithm is sending me just the knowledge I’ve been wondering about.
Love your channel, am an aspiring CPA/Accounting Student and your videos are very inspiring!
You have to meet certain criteria in order to claim exempt from federal withholding
taxes. I do payroll and I've gotten letters from the IRS demanding my company to start withholding from employees who thought they were exempt.
Yes, but some people qualify to claim exempt.
@@clearvaluetax9382 how do I know if I qualify? I have an LLC aside from my W2 job and would rather just assume I'm going to owe on all my sources of income and not give the gov an interest free loan
OMG thank you so much for this simple explanation!! I was going crazy trying to figure out the new w4 form. Great video
This was so easy to understand. Also I was able to do this properly using the IRS tax calculator and chatgpt to figure out my YTD earnings.
You drop such good knowledge, thank you.
Man you are better then most these pastors out here I appreciate this gospel you just preached 🙏🏽
This is the Content that makes SENSE! Thank You. Keep it quick and simple. It makes sense.
Very helpful! I feel like you never get the credit you deserve for the work you do, Thank you !
there's a tax pun in there somewhere. well played. 🤣
Do you have any youtubes that we can use to teach Working Minors how to file their taxes, I've used your 2020 W4 youtube in class, so they know how to complete it properly. Thank you
Awesome, and thank you so much Mrs Whetzel, I appreciate your support! Unfortunately, we don' t have a video covering that topic, but you know what, that's a GREAT TOPIC to discuss. Thank you for your suggestion and feedback, I appreciate it a lot and it helps a lot!
Thank you very much for this video instruction. Very helpful to us that aren't tax savvy
CPAs are becoming independent consultants as technology provides all these informations in their apps
Yup, tech is a blessing and a curse!
When I fill out the IRS withholding estimator, taking a deduction for student loan interest and the standard deduction, I end up with an estimated refund of about $1,900 (even larger than my actual refunds from the previous two years filing single-0). If I try to slide the refund adjuster to lower my refund from that to about $400, it suggests I add additional withholding to line 4(c). If I try to lower the refund from about $300 to $0, it suggests I add credit to line 3, but even at $0 refund, it's telling me to only add $400 to line 3. I don't understand how additional withholding could possibly help lower my refund at all, and I don't understand how a difference of $1,900 is taken care of by a credit of only $400 for the rest of 2020. Knowing the refunds I usually get, I was hoping to knock off about $1,100 in withholding and still end up with a bit of a cushion in my next refund, but I'm not seeing how the suggestions from the IRS estimator are helping that at all. It seems like it's taking 2019 tax liability and refund estimates and shoving them into the 2020 W-4 suggestions.
What is up with that calculator?! I've had several people complaining about this that it didn't make sense. If you really want to know where you're going to end up, it's best to just bust out the excel and see what the tax will be on your expected taxable income and then compare it to what you're withholding on your paychecks. That estimator seems like it has a few kinks in its system.
YES! I was going to ask the exact question! How could adding money to my current withholding drop my refund. i had the exact same thing happen. That IRS calculator doesn't work correctly because I couldn't get it to print out the results either. Had to save as a PDF. It was nice that it filled out the W$ for both me and my husband although it's wrong.
Margie K I think I figured it out. If you change the initial calculated refund at all, the calculator assumes you’re filling out the new 2020 W-4, and, if you were to fill out the new W-4, then the new, much more accurate withholding tables apply. They are apparently so much more accurate that, even dropping my refund by over $1,000, I’d still have to have additional withholding taken to get a refund that small.
Hey Brian, thank you for this informative video. I had a question on how to set my W-4. I really want a small balance due. I'm single, no kids, with mortgage, closed the year with $180k. I paid a whole lot of taxes the entire year. I want to try your Step 3, I really like to have a small balance and still pay taxes. I'm paid biweekly. I just don't know how much I should enter on step 3 to ensure that I'm still paying the proper tax I need to pay so I don't owe to much but keep some of the money throughout the year.
Are you single?
You can go onto the IRS website and mess around with how much tax you want taken out of your paycheck. You can even have the W4 autofilled to the correct adjustments ready to be sent to your employer.
It’s called the tax withholding calculator on the IRS website.
I make 130k a year plus your 180k that puts us at 310k a year. I’m 6 ft tall tanned and handsome latino. Tattooed. Let me know
Is this still valid now for 2022 and up coming 2023?
So, if I'm filing single but no children is it still recommended to fill in step 3? I prefer to pay a small balance.
I’m single and want less money possible taken out I make 28,000 a year and need all my money how do I stop them from taking so much out? My job doesn’t let me go exempt
Hi Francisco, there's an easy work-around for that. On STEP 3, input $6,000 and then you should be good.
@@clearvaluetax9382 Why 6,000?
Francisco Galvan Jr , you job cannot tell you how you file! That’s crazy but to file exempt if you are claiming single filing Exempt would cause you to owe the IRS. If you were to file head of house hold and you had at least one dependent then you could make more. I’m not sure if there is a video for this. I hate this new form. Lol
@sadonomo I’m single and I I’m getting robbed out my paychecks should I go exempt? Will I owe a shit load of money come tax season. I changed my taxes to head of house hold and put 1 dependent and in the box where it says multiply number of dependents by $500 I put 500 but my checks still seem to get taxed a shit load
sadonomo I need help on filling out the new W4 Im single no kids but I want more net pay so I want to adjust my withholding where I only get a small refund .
Thank you for this video. I just filed my taxes for 2019 and was in tears over how much I owed. I was claiming S-2 on my Federal when I lived in Texas, but moved to California and never adjusted it. (RIP my wallet) I requested a new W-4 and was completely unfamiliar with it (which just made me feel worse) Here's to hoping I don't owe in 2021!
I'm sorry to hear that happened Lauren =( Yes, let's make sure that doesn't happen for 2020 when you file those taxes in 2021. Thanks for watching and for your support!
Oh LMAO California doesn’t play. Born and raised. Currently being taxed $1300 per month on my measly 68k salary. That’s why I’m on this video - hopefully I’ll figure out how to manipulate step 3 to have more money per month and owe just a few hundred dollars 🤞🏽
I’m single with no kids and no dependents and want to break even. Do I just leave the W-4 form completely blank since nothing applies to me?
I need to too
I need this too*
did anyone figure this out?
PLEASE REPLY TO THIS QUESTION
@Nestor Alegre how much do you make a year?
Hypothetical: 1 person-2 Jobs, $125k, Single, No Dependents. What’s should they write to break even?
Marry me. Pls 😂😂
this dude had like less than 50k subs pre covid. he became THE ASIAN news guy to go to during the pandemic. well over a million subs now. lol. great job.
Finally ..someone broke it down explain it !!!
I love you man. All i needed was to write exempt. I pay over 37k in taxes and i want to invest it to gain interest before paying it back.
I’d love to do this but have read the irs will penalize you at the end of the year if you claim exempt without qualifying. Any thoughts on this?
I know your busy with tax season. However, if able . I'm head of household, and i want to get the most out of my paycheck as Im single with 2 children. I make 96000 per year. Should I put 6000 or 4000. ? I would rather have no refund and get my money within my paycheck
Hi Tia, you'll write-in $4,000. If you write-in $6,000, you would be underwithholding by $2,000.
@@clearvaluetax9382 Thank you! one less worry, now I can focus on spending more time worried about Corona virus! I appreciate the assistance!
Thank you, thank you. I have to change my withholding and I was totally confused with the new process.
My experience, doing both payroll and taxes, the withholding tables now are low. I almost always override the withholding to 10 - 12% fed and 5% KS. In 20 years, this is about where most of my clients wind up most of the time.
4th class of your teaching today. I'm going to have to rewatch I must say. Is there a % one should use to set aside if you want to pay more on April 15? In addition if you have to pay in a lot won't you be required to pay quarterly taxes if your not a business and work for a business. Once again thanks for class.
Hi Comment, that's hard to answer since how much you should set aside depends on your income level, as your tax rate depends on your income levels. But you generally don't want a big balance due, if you do, you could be getting penalized for the underpayment penalty.
Thank you for this... was extremely helpful !!
I file single 0, got a refund last year and owed a small balance this year. I tried the IRS W4 calculator but don't think it gives me accurate results. I am a teacher on 21 pays a school year and am not paid over the summer. The calculator assumes I get paid every two weeks year round and therefore assumes I paid more taxes than I actually do.
Hi Eike, the best way to go about it is to estimate the total tax for the year, kind of using your recent tax return as your benchmark and seeing if the taxes you will withhold will be sufficient (underwithholding or breaking even).
What is the break even tax rate for 2020 W4?
- Single
- 1 Child
- Bi-Weekly Pay Checks
- Less than $30,000 Earnings (EST $20,000)
I want to know and compare how much I need to put on my W4 to reach Break-Even, Minimum Tax Refund, and Large Tax Refund with the example above.
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!
Hey Brian, you should do an update of this video since w4s changed in 2020. I recently got screwed by my own ignorance. I am married filing jointly with a second job, my wife also works. My weekend job was not withdrawing any federal income tax and now not only am i not getting a refund, i owe the feds big time! We are blessed enough that it isn't going to break the bank but still...
Great video! Easy to understand. You should have a higher audience count for the content your providing.
Thanks again wishing you continued success!
Thanks so much tlbue32! I appreciate that comment and that feedback. I've had my tax practice for 10 years and I just started making these videos for fun just last year. It seems like people are enjoying my videos so I think I'm going to keep at it! Thanks for the encouraging words tlbue32!
I want to know how to fill out the form “CORRECTLY”
Thank you, Thank you!!!! Excellent explanation. 😎
Ah thanks sooooo so much Skylar, I appreciate it!
Perhapsyou should start with the benchmark, and then explain each option. How does one fill out the W-4 To achieve the benchmark “correctly”?
Filing married jointly-Does it matter on the form whom claims the dependents? My dependent is not with my current husband. I have always claimed my dependent on my taxes. However with this form I am not sure whom would be claiming that dependent.
I’m so confused by all of this….thank you!!! This helps
Thank you so much. This helped me perfectly!
I'll do this after I get my next job. Thank you so much sir!
You posted this on my birthday. Thank you for sharing!
Happy belated birthday Oblong Polka Dots!!!! How old did you turn 21?
@@clearvaluetax9382 Close, 41! Thank you! :)
i actually have an exempt box. i viewed another video that said to put 10 instead of fully exempt. does that mean exemlt for 10 pay checks?
Re: Form W4, step 3, from IRS Publication 972 (2020): "A person qualifies you for the ODC ("other dependent credit"), if the person meets all of the following conditions.
The person is claimed as a dependent on your return.
The person cannot be used by you to claim the CTC or ACTC. See Child Tax Credit (CTC) , earlier.
The person was a U.S. citizen, U.S. national, or U.S. resident alien."
From Publication 501 (2020): "The term "dependent" means: a qualifying child, or a qualifying relative.
If you don't already do so, you should teach. Outstanding job.
I'm an EA, and I've been getting this question all year. What's even worse is I have clients who have multiple jobs with inconsistent income, so they don't know if they'll be making $20k, $50k, or $70k each year.
This new W-4 has been a nightmare because they'll ask me how to claim zero and I'll have to explain several times that they can't "claim zero." From now on I'll just forward them this video ;)
Yes, it's been very difficult for the people with variable income or unpredictable income. I totally agree! Thanks for sharing my video, I appreciate your support Jeffrey!
Thank you for this information. It is very much needed and very educational!
Great video. Very clear very simply put. Thanks a lot!
We need an updated version.
For my 2022 return, I paid $9100 in federal and got $500 back…
If you go to Line C under Extras With Holdings put $20-$50 Every pay period, the IRS will withdraw the Extra $20-$50 so you'll be guaranteed a refund
Yes! Thank you so much! Great info and videos as always
Thank you for making it clear and concise to understand
10:00 I have been looking for an explanation for this for three days!!!!!!
Thank you bro I put my value on 4c instead of 3 at first and was wondering why my check was so low I'm trying to owe a bit
Hi....great video!
If I'm married filing jointly with 4 kids and want a big refund, do I just leave the new W-4 form 0.00 for steps 3 and 4?
Hi Francis, yes, that would produce you a bigger refund.
Francis Silva you got my question answered! Thank you so much for asking that!
@@clearvaluetax9382 Would that be the same if married filing jointly and no kids?
My state is 1 and fed 0
How do I change the state to 0
I owned for both Fed and state for 2019 filing. And also had $52 penalty according to turbo tax.
Hi Bulli Kid, you'll need to separately update your STATE's W-4. The W-4 is just for federal taxes. I hope that helps!
ClearValue Tax great I just did that. Thanks!
I’m in tears. I’ve been trying to figure this out all day.
We make $113,000 me and my husband and have one child. I came up with 176 for box 4 and 2000 for box 3. I want the most back now.. not sure which box to change and in which direction and how high or low to go. Also I would just file exempt for a couple checks but hear you could be penalized and I don’t want to be penalized or do something I’m not supposed to. I’m desperate for help 😢😩😱
I was trying to understand the allowance changes between 2019 and 2020, and found your video. Yes, I'm two years late, but was researching this anyway. It sounds like to get your "small balance due" you state to use a workaround using step 3. Looking at step 3, it seems like the options are to enter in the number of kids and/or the number of other dependents to get your numbers. If I don't have any kids but claim say, two, isn't that technically fraud? OR, are you saying just manually enter in a number in the "add the amounts and enter total here" field and this is ok?
my W4 through my employer doesnt have sections (Ex: Section 4c) They only have it so i can adjust the number of dependents. How would i do this?
sounds like they still have the old form, contact hr/payroll?
I've watched several videos on this subject, and your video is the only one that helped me understand it. Thank you!
Thank you Charlie, I am so happy to hear! This feedback makes me so happy knowing that I'm explaining it clearly enough. Thanks again for your support!
You are the man ! Thanks for breaking this new IRS shizz down.
Perfect man thank you.. you explain it very well
Hi, married fill jointly and have 1 child. Want to break even, what to put into step 3? Thanks so much!
Quick question. If I check exempt from my tax with holding, will I have to pay a fee at the end of the year on top of the taxes I owe? Or just the taxes I owe from income? Thanks
Good question would like a answer to that as well
I have a unique tax situation. I travel for my job randomly throughout the year. When I do, I make significantly more. I struggle to balance my taxes because of this so some years I owe very little. Some years I owe a lot. Any advice?
The visual really helps. Thank you
Just subscribed to your channel after watching a few stock tax vids from you. Thank you for all the good info by the way! I am single with 0 dependents and 0 claimed allowances on my w-4. I make about 50k a year net. The last 3 years I receive about 5k back as a refund. How do I set up my w-4 form to where I will only get a smaller return and bigger paychecks throughout the year ?
I'm in a similar situation. Did you find the solution?
Same! Help!
Filled out w4 correctly. Owed a large balance. Married filing seperate. Had to file married filing at a single rate plus 50 dollars per paycheck.
Hi Imbarnes3, there actually was no "filling out a W-4" correctly in 2019 and prior. That partly a reason why they changed the system because it was inaccurate in so many cases. So if you fill out the 2020 W4 correctly, it should lead to break-even results. I hope you get the proper results this year for 2021!
@@clearvaluetax9382 I will fill it out tonight.
What a great video. Some times I wonder why I did not find videos like yours when I really needed to understand how fill the W4 form. Overpaying would be a good way to "force" your self to save, except that the one making any interest is the IRS. Instead of giving your money to the IRS to use for free, do you have the self discipline that it takes to just transfer x amount of money from checking to savings. Thanks again.
Yes, I'm so happy you saw this video! I'm trying to prevent as many bad surprises as I can for when people complete their 2020 taxes in 2021. Thanks again for your support E Galindo!
He explain this perfectly
So I know this video is 3 years old. But this year I filed my taxes after putting zero all year at a job where I made the most money out of ANY job in past years. And I claimed both my kids like indo every year.. however, this year I got WAYYYYY less back in a refund. (Which make absolutely NO sense!) Cause in past years starting at 2014, I was working jobs making like 7.75 minimum wage, claimed zero on w4 and when filing taxes I claimed both kids and got back much bigger refunds. Make it make sense, please!! This past job I was making 17.50 an hour plus huge bonuses all year, yet only getting a 4900 refund back. Whereas I got 10 grand in previous years with jobs where I made wayy less per hour. Filed at same place and no, I didn't owe any money in.