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IRS Federal Income Tax Return 2019 Form W-4

IRS Federal Income Tax Return 2019 Form W-4

IRS Federal Income Tax Return 2019 Form W-4

Form W-4 is one of the tax forms generated by IRS for Tax Return 2019. It is filled out by the employees to explain their tax condition to their employer. This form indicates to the employer that how much of the amount should be deducted from paychecks of the employees in lieu of taxes based on their marital status, number of allowances, dependents and other factors. The Form W-4 is also commonly known as Employee’s Withholding Allowance Certificate. The employer will send the money deducted from the employee’s paycheck to IRS, along with essential information, such as name and Social Security Number. The withholding on employee’s part counts towards paying the annual income tax bill he or she calculates when filing for the annual tax return in tax return 2019 date April 15. That is why Form W-4 requires the identifying information like your name, address, Social Security Number, etc.
 

The Importance of Form W-4

It is mandatory for the taxpayers to pay taxes on their income gradually throughout the year by the IRS, which makes correctly completing this tax return 2019 form highly important. If you add up interests and penalties for underpaying your taxes during the year, it accumulates to a surprisingly large sum. Such a scenario can be easily avoided by paying the withholding tax through Form W-4 of tax return 2019.
 
It is also important to act wisely in how much should exactly be paid in withholding taxes. Too little invites interests and penalties, too much makes your monthly budgets tighter than they need to be. By overpaying, you will be giving an interest free loan to the government and you will not get that amount back until the following tax return 2019 date April 15, when you file a regular tax return and receive a refund.
 
By not submitting a Form W-4, the IRS income tax return 2019 will require your employer to withhold at the highest rate by assuming you are single and you claim no allowances.
 
You can also calculate your withheld taxes with tax return 2019 calculator.
 

Filling the Form W-4

Form W-4 consists of 7 sections for tax return 2019. All of these need to be filled out. Following is the essential information which should be filled out section by section;
 
1. Personal Information. You must fill out your name and address in this section correctly.
2. SSN. You must provide your Social Security Number in this section. Your employer will need this information so that when the money that has been withheld from your paycheck is sent to the IRS, it will be applied towards your personal income tax bill for tax return 2019.
3. Marital Status. You must check the box to indicate if you are single or married. There is an additional check-in box which states ‘Married, but withholding at a higher Single Rate’. This option is to be chosen when your spouse works as well and it worries you that you might not have enough tax withheld for income tax return 2019.
4. Name Change. This section only applies to those individuals who have recently gotten married and changed their names, but they have still not received an updated Social Security Card which reflects their new name. However, they must also call 1-800-772-1213 for a replacement social security card with updated name before they can submit their W-4 to the employer.
5. Allowances. This section allows you to list however many allowances you are allowed to take if you ask what is my tax return 2019. The Page 3 of Form W-4 is where you will find a Personal Allowance Worksheet. Each chosen allowance will accordingly reduce the amount your employer can withhold from your paycheck.

A. This allowance is claimed if no one claims you as dependent. Most adults chose this section.
B. You can claim one allowance if you are married and filing jointly with your spouse.
C. You can claim this allowance if you are filing as the head of a household.
D. You can claim a second allowance if your household has only one significant source of income.
E. This section allows you to claim allowance based on the number of children you have.
F. In this section you will claim allowance for any dependents you will claim on your tax return.
G. This section entitles you to allowances if you are taking certain other credits, such as adoption tax credit, or earned income credit.
H. You will need to add up all above numbers and fill the total in this section if you wish to answer the question what are my tax return 2019 exemptions.

6. Additional Allowances. The number of allowances you claim in above section might result in your employer withholding too little an amount which will result in you ending up with a big tax bill for tax return 2019, and possible penalties. In such a case, you must tell your employer to withhold extra money from each paycheck so it does not happen in preparation of tax return 2019.

7. Exemption. If you have no tax liability for the previous year and expect no liability for the current year, then you are exempt from withholding preparation of tax return 2019. You may simply write ‘exempt’ in this section and be done with it.
 

Conclusion

It is important to fill out Tax Return 2019 Form W-4 correctly because IRS prefers if people pay their taxes gradually throughout the year. If you have very little tax withheld, you could end up with a large tax bill in April. Similarly, if you pay too much in tax withheld, your monthly budget will end up being tighter than it needs to be.