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IRS Form W4 [Explained For You] | Internal Revenue Service

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The IRS Form W4 plays an important role in tax filings each year, especially if you get a new job. Everyone who works for an employer must know its purpose. In general, tax time can be confusing for many people. That’s why it is crucial to understand what the different forms mean. Find out what you need to know about the IRS Form W4 or the Employee’s Withholding Allowance Certificate here.

What You Need to Know About IRS Form W4

 

What is IRS Form W4 for?

What is IRS Form W4 for? | IRS Form W4 [Explained For You] | Internal Revenue Service
The 2018 W4 tax form is for your federal income tax. You fill out this form with your job. It determines how much money your employer must withhold from your income. The IRS recommends you update this form regularly. You might want to use a W4 calculator and submit a new form each year. If not each year, then at least, when you experience changes in your personal or financial situation. For example, if you get married, you will have to update your marital status on your IRS Form W4.

Most people will not be able to claim exemption from withholding on the W4 form 2018. The only way you can is if you qualified for a refund of all the federal income tax withheld in 2017, and you expect the same refund in 2018 because you do not have any tax liability.

Do You Qualify For IRS Back Tax Relief? Take The Quiz Now!

You can take credits into account when you fill out the form. Credits reduce your tax liability. If you expect to claim many credits, you can reduce your withholding tax. While this will make you paychecks bigger, it will also make your potential refund each year smaller. Each person will need to carefully evaluate their needs.

What type of information will I need to fill out the IRS Form W4?

What Type of Information Will I Need to Fill Out The IRS Form W4? | IRS Form W4 [Explained For You] | Internal Revenue Service
If you have your 2018 W4 Form printable in front of you and you want to get started, you will need some data. You will need your exact, entire income. This includes income that comes from other jobs, income from a spouse, and income from things such as investments.

The IRS recommends that if you receive a lot of income from non-wage sources, you make estimated tax payments. If you do not want to make estimated payments, then you will need to use the withholding calculator to make sure you have enough withheld from each of your paychecks. The IRS website offers a calculator to make this process easier.

You will also need information about your dependents. There are two types of dependents for the IRS. Those who are under 17 and live with you for more than half the year can receive a child tax credit. Dependents who do not qualify for a child tax credit may qualify for a separate credit.

You will also need to work with your employer. Your employer will fill in certain boxes on the IRS W4 2018 form.

You will also have other forms to fill out with your employer. This includes the I9 Form 2018. It is used to make sure people are eligible for jobs in the United States. Your employer will need to complete this form when they hire you. This must be done regardless of whether you are a citizen or not. You will need to fill out parts of this form too. You will need to say you can work in the U.S. legally. Both the W4 and the I9 form will be filled out when you start a new job. You may also have state-specific forms. For example, if you work in Illinois, you will fill out the Il W4.

Do You Qualify For IRS Back Tax Relief? Take The Quiz Now!

Where can I get an IRS W4 Form 2018 Printable Version?

Where can I get an IRS W4 Form 2018 printable version? | IRS Form W4 [Explained For You] | Internal Revenue Service

When you start a new job, you will often work with your employer to fill out the form. If you need to find a printable version, you can go to the IRS website. They have a PDF format of the IRS W-4 2018, making it easy to secure. The 2018 W-4 release date already passed. This means the latest version of the form already lives on the site.

If you will begin a new job soon, you can go to the site as well. This will give you a chance to review the form. You can see if you need to gather any additional information before you start the job. You will be more prepared to properly fill in your information. This will help the process go smoother. You will also reduce the potential risk of errors.

 

Follow the tips from Jazz Wealth Managers’ video below to make filing for IRS Form W4 easier.

The Federal W4 2018 form remains a critical part of paying taxes. You need to pay attention to the form. This means updating it when necessary. It also means being prepared to ensure it is filled out correctly. Use this information to guide you as you prepare to fill out this form.

Do you have more questions about the IRS Form W4? Don’t hesitate to post them in the comments section below.

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