Taxometer: Tax Balance Goals, W-4 Form
We are here to assist you with your important W-4 planning. Use the W-4 Taxometer first as it will suggest the right tool for you; just answer a few questions and you will know which of the four W-4 tools is best for you. Since the W-4 Form itself is not very transparent when it comes to the correct IRS tax withholding amount, we at eFile.com created these free W-4 tools for taxpayers to better assist with planning and estimating their next tax return. Click on Start the Taxometer below and meet your 2022 Tax Return goals and take control of your tax withholding.
W-4 Form Tools, Calculators Overview
The Taxometer helps you pick one the four W-4 Form tools listed below. In the table, find a high-level overview of what each of the four W-4 form tools does. Click on the links to each of the W-4 tool pages to use the tool to create your free W-4.
What is a free IRS Tax Refund?
If your paycheck default IRS Tax Withholding amount is zero as the result of your W-4 but your expected tax refund is larger than zero, you can consider that a free IRS tax refund as you did not pay IRS income taxes.
For example, as the result of your filing status, your income and your number of dependents your per paycheck IRS tax withholding might be zero, but your 2022 tax return could result in an IRS tax refund worth multiple thousands of dollars. This is most likely the result of the Child Tax Credit
. View this chart for more details on when you should or can no longer reduce your IRS tax withholding: tax withholding compared to tax refund chart
This is the simplest online W-4 tool; use this for any filing status (Single, Head of Household, Married) with 1 simultaneous job (you and/or your spouse each have one job at the given time). The total number of jobs for the year is not relevant. This tool does not lean on your previous tax return or future income estimates.
- If you have one job or one source of W-2 income (you or your spouse) at any given time, the W-4 Basic is for you.
- If you are very experienced with the W-4 and know all the ins and outs, use the W-4 Basic.
- Simply answer the questions with help instructions and enter the data needed. Sign the form and the W-4 will be emailed to you. You can also enter the employer's email address and have the form W-4 emailed to them.
- Monitor the tax withholding on your next paycheck and make W-4 corrections or adjustments as needed.
The W-4 Adjust let's you adjust or plan your current W-4 based on your last year's tax return results. You manage next year's tax refund or taxes owed now and create your W-4. This tool incorporates sound financial tax planning goals.
- Plan your current year based on your last IRS tax return.
- Follow the steps listed on the W-4 Adjust and enter data from your previous year return.
- The W-4 Adjust tool will let you adjust your tax withholding before you sign and create your W-4 for the current tax year. You will actually know the calculated withholding amount.
Create a form W-4 based on your actual and/or adjusted per pay period paycheck. Even though the design of the form W-4 does not enable a taxpayer to enter a fixed IRS tax withholding dollar amount, the W-4-Check calculator is created to let you do just that. Enter a few paycheck related amounts or adjusted amounts until your IRS tax withholding amount meets your expectations. Then, simply click Create W-4 and you are done. Continue to monitor the tax withholding amount of your subsequent paychecks and make necessary adjustment via the W-4-Check tool.
- Have an existing paycheck from your current job at hand or re-create your paycheck for a new job based on your income.
- Make paycheck adjustments and reflect them on your new W-4 via the W-4 Check tool.
- Contact an eFile.com Taxpert® if you have any questions.
The W-4 Pro tool looks at your future income, deductions, etc.
and estimated tax return results. If your income and other tax figures are similar to the previous year, use the W 4 Adjust tool. The Pro tool creates a tax return for you and will then create a W 4 based on your tax return goals. For example, for Tax Year 2022, you would use the 2022 Tax Return Estimator
to optimize your W-4. Keep in mind that you can also use the 1040-ES to pay estimated taxes throughout the year if you have additional, non-wage or W-2 income, such as self-employment income
- Estimate your 2022 Income based on your paychecks for the year or our free PAYucator tool - the eFile.com paycheck calculator - before you complete the W-4 for one or more jobs.
- If you and/or your spouse expect many wage-based jobs and have other income sources, estimate your 2022 Tax Return before you complete the W-4 for each job.
We at eFile.com recognize the complexity of the design of the W-4 form and we are here to assist you at every level. We consider the W-4 Form an important part of your financial and tax return planning.
Plan Your Withholding Now
If there is a lesson learned from the 2021 Tax Season, it is this: many taxpayers have experienced IRS related tax return processing delays in 2021 - not eFile.com delays. As a result, these delays have held up tax refund payments for too many taxpayers, some who waited seven or more months for their 2020 refunds. Many taxpayers even waited into 2022 to receive their refund. Thus, W-4 planning is important as taxpayers create their own tax return refunds if they withhold too much in taxes per pay period.
Manage or reduce your tax withholding now via the W-4 and keep your money in the present and throughout the current year. When you do not withhold an optimal amount, you are handing over too much of your own money in your tax withholding to the IRS only to get that same money back again next year via your tax refund.
We sympathize with you: If you think that completing a W-4 Form is worse than a dental root canal procedure, we totally get IT! Unfortunately, we do not do root canals and can only help you with the W-4 forms.
Start and click on one of the W-4 tools above as you can always change your mind and use another tool.
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