8 IRS Form W-4 MISTAKES to avoid in 2023

In today's video, I'm diving into the common mistakes people make with IRS Form W4 for 2023. If you've ever struggled with understanding tax withholdings or wondered how to fill out this form correctly, this video is for you. I'll walk you through the importance of using the online estimator, why you shouldn't copy someone else's situation, and key tips on handling multiple jobs, new jobs, child tax credits, other credits, and adjustments. Don't miss out on these essential tips to avoid a tax surprise at the end of the year. Watch now!
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#travissickle

[@michaelmccain5660]

this videos needs more likes! I totally changed and updated my W4, i was way over paying.

[@TravisSickle]

Thank you! 😎

[@patmacken5130]

I tried to help my wife figure out a W-4 earlier this year when she found a job. The problem is that the thing is designed in a confusing manner especially for somebody whose hours can vary greatly (I make more and can get bonuses and sometimes lots of overtime while she is part time with hours that really on vary down and not up). Honestly it is the kind of this that makes me want even more to just have a flat tax and be done with it. We finally just made a best guess as I had already paid more in taxes than we owed all of last year.

[@user-zu7ph2ss9q]

We have 2 incomes 1 is more than half the 2nd. The confusion with the IRS withholding calculator is both jobs are paid bi-weekly. The Job 1 has a car allowance paid in the 1st pay period each month. The calculator doesn't allow for this variance. I've tried to spread it out for job 1 but not sure if this is affecting my result for my W4. If I can use the estimator to determine my tax liability then I cal fix the amount coming out per check with the "extra" withholding as needed as a work around.

[@HiroyukiMKido-ti6cu]

Hello Travis, i file married jointly and im using the online estimator tool and my results are confusing me. I contribute to a 401k and i enter the amount per pay period and ytd on the tool and the results are telling me to put a amount under line 4a of the W4 form. Isnt that box for other income, so why would it be telling me to put the amount as other income. Shouldn't this go under 4b? Thanks for any advice or suggestions.

[@ChristianMoran-id5vx]

What happens if I only have 3 more paychecks left for the year? Can I update my w-4 form with the 7,212 tax credit that the irs estimate gave me will it affect my big refund that I'm going to get if I update it now even tho I did still pay for more in taxes that what's obligated

[@matthewreidenbach1280]

Hey Travis, I'm seriously confused about this whole thing, and frankly so is my tax person. Here's all I'm trying to do, I need less taken out for a period of roughly two months. At which point I will go back to having full taxes taken out (Basically filing Married Joint with no deductions) . In the past when I have done this , I would just claim either "4" or "9" for several weeks ..and then return to claiming 0..and in the end it work itself out when I would file my taxes. How would I do that with this abomination of a W-4 form?

[@TravisSickle]

there is a way. I'll see if I have time tomorrow to record it.

[@matthewreidenbach1280]

@@TravisSickle thank you so much!!

[@gerryortiz7276]

@@TravisSickle Did you ever record it?

[@sheitzman5019]

We have new owners taking over on 3-1 On the tax estimator it asks how many jobs past present future 2 My current job doesnt end until 2-29 so i cant input the dates correctly but i figured them out. It asks how much paid then second job On the next part it asks total from other income (job) Do i enter that same number again? Or because i already input in question above do i leave zero? I messed my w4 up years ago and dont wanna mess up again.

[@GersonPerez7]

Did they do away with the adjust withholding dial on the results page of the IRS tool? I don’t see it available on my results page. I’d like to give myself a cushion and get a bit of a refund rather than owe anything next year but u don’t see the option.

[@bizooku]

Yes they did and made if very difficult to determine what you do to increase your take home pay.

[@GersonPerez7]

Yes, apparently they want us to do even more math now. It’s listed in the instructions area. The dial was so much faster. Don’t fix it if it’s not broken!

[@ngbdog]

All I want to do is claim zero, how do I do this?

[@wasimelsaboni2519]

Hey Travis I am kinda confused about what are exactly other dependents? Also how the online estimator will calculate and Uber part time job as I am calculating only W4 here. We have 4 jobs pulse Uber.. Appreciated your time

[@TravisSickle]

checkout my channel playlist on IRS form W4 for more tutorials. Also, I should have several videos explaining dependents and qualifications.

[@lisafucsko9397]

Hi Travis I've been retired from teaching for a few years and am going to substitute teach now. The school district sent me a w-4 but I have not filled one of these out in about 40 years. It has changed, and I have no idea how to fill it out. I am head of household with a 12 year old son. Is my retirement income considered a job that regularly withholds federal income taxes from your paychecks? I will only be subbing 1-2 times a week, maybe more on occasion, which is payed by the day. Don't know how to figure out what I would make. Can you help? I would be willing to pay for you to do this for me.

[@TravisSickle]

oakavenuetaxadvisors.com/w4/

[@parasharngm]

Travis Sickle - for this question "I contribute to a health insurance plan, HSA, or FSA" - can i enter what I pay every paycheck on the employer sponsored medical insurance ?

[@TravisSickle]

No, you can’t deduct employer costs.

[@parasharngm]

@@TravisSickle Thank you for the quick reply

[@kuhser1992]

I'm going to start a new job in a week, how should I fill out my W4 form using the online tax calculator?

[@TravisSickle]

on the second page you can enter future income...also enter as another job or jobs all the other jobs you had this year. Message me on discord and I'll help a bit more. It's free for channel members, link in any video description.

[@kuhser1992]

Thank you @@TravisSickle

[@852charliepapa]

So... "Trust the Estimator"? Even if it seems weird, be confident that it knows what it's doing?

[@TravisSickle]

I have tons of videos on how to check your work. Using the estimator helps sort it out but of course if you don’t enter in things correctly it won’t work.

[@marineranegrita]

Um, that $900 withholding amount seems excessive?

[@fredw3448]

Can we just back to old w4 we had

[@TravisSickle]

this is more accurate. I hear you though.

[@fredw3448]

My wife and I have been struggling last few years getting it filled out right , not getting enough withheld every check. Isn't there a box you can check if you both bring home similar pay every month

[@jennetixx5670]

How do I reduce my tax withholdings per paycheck? I always get a big refund but would rather get paid that money and invest it. I'm filing single with no dependents.

[@TravisSickle]

Tons of videos on the channel to do that correctly. Check the w4 playlist

[@gerryortiz7276]

In summary: Always use the online estimator

[@TravisSickle]

nailed it!