The IRS recommends you consider completing a new W4 (Form W-4) each year and when your personal or financial situation changes. In general, you should complete a new W-4 any time you have a life change that impacts your tax liability and thus the information on your W-4. For example, if you get married, you can change your filing status. If you have a baby, you can update your withholding allowances. If you claim exempt during any tax year, you must update your Form W-4 by February 15 of the next year. For answers to the most common W-4 questions, visit this PaycheckCity article. You can also visit PaycheckCity's W-4 Assistant to complete a blank W-4 to provide to your employer.
Written by Elizabeth OviedoUpdated over a week ago