How to fill out W4 Single 2020 W-4

How to fill out W4 SINGLE 2020 W-4 how to fill out W for single 20/20 welcome to our channel clear value tax my name is Brian Kim I'm a certified public accountant and in, today's video we will walk you through how to fill out the w-4 if you are single so, this video is for the wt4 20/20 Edition this is completely different than the 2019 Edition so this video is aimed at those people who are single.

And are not working more than one job at a time, so if you're single and you're working more than one job at a time or you are married you know that's a different scenario and please see my other video about the full w-4 tutor tutorial, walkthrough so the most easiest scenario to fill out the w-4 is if you're single with one job so that's why I'm.

Making this video aimed at that situation just to save you some time, so you don't have to walk through.

Those more complex situations so this will be a time saver so I hope you enjoy we're gonna walk through the form please stay tuned welcome to the w-4 2020 so let's go. Line by line let's start at the very top this should be very quick because again this is a situation where you're, single working one job at a. Time so here this should be self-explanatory step one asking for your first name middle initial your last name your social security number your address and then. You're gonna be marking off this box of single so again in this scenario you are not working multiple jobs and you are not married so this section is completely inapplicable, to you so we're just going to skip on to step three step three is where you're claiming, dependents so if you have qualified children under age 17 or. You have other dependents most commonly it would be you're supporting a parents or, parents so they would be dependents so in these situations you would receive a tax credits which would reduce.

Your taxes so in that situation you want to take that into account so that your payroll system knows that you should withhold less taxes in these situations so if you have a child that's under 17.

Then per child, you get a $2,000 tax so multiply how many children you have by 2000 and you're writing here so if you have two children then you would write four thousand here in one child. We were eight two thousand your children then you write none and the same concept. Would apply for any other dependents so you would tally that and total that here so in this case you. Can do two thousand if you have one child but. In this situation let's say we have no children so then in that case you just leave this completely blank moving on to step four so this is the section where you will be identifying where you. Have other income outside of your job. Where it will be taxable income but no taxes are being withheld so in that situation if you're going to have taxable. Income but no taxes are being withheld on that income then that's going to be a, tax deficiency attack shortage so that could cause you to have a tax balance do so here's the section where you can make up for that fact and hold the little extra taxes on your. Paycheck so that you are withholding some taxes to cover that fact then. You will have taxable income where no taxes are withheld so for example usually if.

You have interest income if you have dividend income and sometimes retirement income that'll be taxable income but you will not be holding taxes on that income so again that's in a lot, of situations so if that's the fact where you have this these forms of income with. No taxes withheld then you want to identify that here to make up for that fact and have a little. Extra taxes withheld on your paycheck so that you are not going to have a, large tax balance do so in this case let's write that up you know for, example I have $2,500 in interest income and dividend income so no taxes are being withheld on that income so I could hold a little extra, taxes on my paycheck to make up for that so this is the this is the section where you can achieve that so moving on to. Step four be the deductions this is. The section where you are going to be relaying the information that you will be having more deductions than the standard deduction so. Essentially that you will be itemizing your deductions because if you're itemizing your deductions you have more deductions than the standard deductions then you're going to be paying less taxes so you want, to relay that information to the payroll system so you withhold less taxes so if you're going to be claiming, the standard deduction you already know that the $12,400 standard deduction then you're done with this form you don't, need to write anything for B or C all you need to do is.

Sign and date and you're good to go but if you know that you're going to be itemizing your deductions or you've historically been, itemizing then you need to fill out. The deduction worksheet on page three that's a very simple form right here so you just walk through the instructions basically you're just looking, at your schedule a this is your itemized deductions if you the most accurate way to do so would be to look at.

Your 2020 tax return however if you didn't complete your 2020 tax return. Yet you can look at the 2019 tax return the Schedule A and see how much your itemized deductions were and then you fill in these fields and just walks, you through to what you're going to be inputting on step four B so that's the area to identify that you will be, itemized introductions so let me just put it this way look if you're if you're not a.

Homeowner if you don't have a mortgage and you're not making. A great amount of charitable contributions or you don't have large medical expenses then you're going to most likely be taking the standard deduction and you can just ignore this feel the, step for B deductions because you're going to be claiming the standard deduction for twelve thousand four hundred if you have a home and.

A, mortgage you will most likely be filling out this section step four B deductions because you're most likely going to be itemizing your deductions you're most likely going to have a mortgage interest deduction you're most likely going to. Have property tax deductions and most states have state income taxes so, with those most likely it will be above the 2400 mark which is greater than the standard deduction so you will be filling, out this portion because it'll be applicable to you but again if it's gonna come out close to twelve thousand four hundred mark then you, really don't need to you know. Fill out this section but if you're going to be well over the standard deduction yes you should take the time to fill up this section the 4b. Which again is in the deductions worksheet on page three.

So that is the w-4 2020 in a nutshell I mean it's one page long so let me switch over well thank you so much for tuning use me on that one. I tried to make this case specific for you guys because. I don't want you to waste your time watching the unnecessary parts if of. Course they're inapplicable to you so I hope this abbreviated version was simple enough if you have any questions or comments.

Please leave them below and also please subscribe since I mean come on many taxes are so boring I'll be the first to admit that but we're always making great content, that is very practical to you and we want to be. Your tax resource so please subscribe and Unseld next time thank you so much take care .

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Created on Apr 2nd 2020 13:35. Viewed 316 times.

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