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How to Correctly Fill Out Form W-4 2019



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what's going on guys it's your man Jake

a full cash flow King right quick what I

want to do is I want to show you our

video of how to correctly fill out your

form w-4 now this video is very

important because you need to be able to

fill this form out correctly so that the

IRS and your employer can make sure that

your paychecks are being handled

correctly so we're gonna go ahead and

get right into it and go ahead start on

your form so let's get started what we

have here is a form w-4 2019 you can get

this form from the IRS website at

irs.gov or you can go to your employer I

got this form from the IRS website the

thing is each form no matter what you're

getting from is gonna be the same this

federally mandated body IRS it this

needs to be these that form that you

fill out when you're getting hired by

your employer now when you're filling

out this form the biggest thing to keep

note is you're just reading the

instructions and that's very very

important what we're gonna do is we're

gonna read this right quick first so you

want to read the purpose you're gonna

learn why and how what's going on with

this form so the purpose says complete

w-4 form w-4 so that your employer can

withhold the correct federal income tax

from your pay consider completing a new

form w-4 each year and when you're a

parent where personal or financial

situation changes which basically means

that if your financial or personal

situation changes in any formal fashion

you need to complete this form if you

get a new job of course you're gonna do

it but if you get if you have a new

child if you get married we get divorced

child passes away child gets too old if

you make a whole lot more money these

are life situations where you need to go

back and visit this form and to get make

sure it's filled out correctly now the

one other thing I'll point out right

quick is I have a few other things over

here

did I mark by but we're gonna come back

to those after I complete the form and

I'm going to show you exactly why so

let's go ahead and get started and let's

go ahead to the personal allowances

worksheet we're gonna start with a

letter a enter one for yourself so what

we're gonna do is we're gonna we're

gonna use an example of a single female

she has two kids what 10 and 12 and she

means $15,000 a year so she's gonna

claim herself first that's always

important even if you're single you

still claim yourself now B in turn 1 if

you're if you will file as married

filing jointly now she's single and

she's not married so for this one we

would put 0 C into 1 if you will file as

head of household now this is where I

said we're going to come back to the

first page so if you go back to the

first page and go to where I marked both

here line C head of household it says

how to head of household please know

generally you may clean head I also file

a status on your tax return only if

you're unmarried and paying more than 50

percent of the cost of keeping up a home

for yourself and a qualifying individual

so what is a qualifying individual or

qualifying individuals it is the

dependent that you take care of it can

be your children it can be your elderly

parents that live with you it is a

dependent that lives with you and you

take care of now the other part of that

is you have to be you have to be

unmarried and you have to pay more than

50% of the living costs for that person

so because of that you need to make sure

you're following all this I know a lot

of people who say their head of

household but yet they

married or they have no dependents or

they don't they have dependents but they

can't claim them on their taxes without

dependents you cannot claim head of

household okay so for this one we're

going to put one because she is

considered a head of household of her

two dependents D enter one if you're

single I'm Eric filing separately and

have only one job so she's single and

she has a one job that pays her $50,000

so because of that we're going to enter

one which would go over here in d e

child tax credit so what we're gonna do

is with child tax credit right before we

start reading it we're gonna go back to

the first page and read the information

about the child tax credit

Salani it says when you file your tax

return you may be eligible to claim a

child tax credit for each of your

eligible children to qualify the child

must be under the age 17 as of December

31st must be your dependent who lives

with you for more than half of the year

and must have a valid social security

number so if your child meets those

qualifications you could claim as a

credit but hold on let's read what this

line says if your total income so this

is based on based off of income if your

total income will be less than seventy

one thousand two hundred and one dollars

or a hundred and three thousand three

hundred and fifty one dollars in

familiar filing jointly enter four for

each eligible child which means you

should write in four for every child

that you're gonna claim if you make less

than that amount if you're single or

this amount if your mirror filing

jointly the other lines say if your

income will be from seventy one thousand

two hundred one dollars to 179 thousand

and fifty dollars or a hundred and three

thousand three hundred fifty one dollars

to three hundred and forty five thousand

eight hundred eight fifty dollars if

Mary found jointly enter two for each

eligible child so that means as your

income Inc increases the amount of

allowances you get per child decreases

so for our example the same time her

income is $50,000 with just less than

this and she has two dependents under

the age of seventeen as she takes care

of and he lived with her for more than a

half of the year which means that she

get to enter four per child which is

eight

so she could put eight online e alright

so f f is credit for under dependence

other dependence will be considered

people who live with you who are too old

for the child tax credit such as Oh over

a children who still living for you or

who are offering college but you took

you pay most of their expenses for your

parents that live of you that are

elderly and you they can't take care of

themselves anymore so you take care of

them even family members who live with

you that you can claim on your claim on

your return so if you have any other

dependents and you want some more

clarification on this reach out to me

and I'll give you some more information

on how to clarify make sure you're doing

this right but for our example that we

have right now she has no other

dependents so that means we're gonna put

a zero right here G other dependent on

other credits if you have other credits

see where she one do sit some

publication 505 now this one just deals

with a a whole bunch a lot of other

stuff that a lot people don't really

bother with and you don't have in their

life so what I normally tell people is

just put zero for this one

now H as lines a do G and enter the

total here so we're gonna go back and

we're going to add up all the lines so

we have an eight now make it nine ten I

love it

so if we come down here we have a total

of eleven allowances not dependents

allowances those are two different words

so now with eleven allowances what's

gonna happen is your check it's gonna

reflect based on your personal situation

now under here they put it was original

on the back but now they put this on

here on this page the deductions

adjustments an additional income

worksheet now this worksheet makes it a

lot more complicated based on your

situation but because it's complicated

I'd rather you just reach out to me

personally and I can help you with this

but this really is more powerful only if

you have a business of some type

otherwise you you is not worth it to

work with this work she is it's better

this way is really unlocked when you

have a business along with your job now

if you're interested in unlocking this

sheet so that that way you can have

access to you more allowances because

that's what this is gonna give you more

allowances reach out to me and I will

help you out and I can hook I can we can

talk about it and get you straight so

they're done where you could be able to

take advantage of this sheet but this 11

that we got let's go back to that we're

gonna take that we're gonna put it back

on the first page so if we go over here

to the very bottom you see it says line

five total number of ounces you're

claiming from the optical worksheet on

the following pages so since we got 11

that's what we're gonna put here now

this is important

additional amount if Amy you want come

with help from each paycheck on Line six

so if you don't want any other money

taken out of your paycheck for taxes put

a zero now seven a lot of people always

say they want to claim it zooms but

here's the issue you cannot be claiming

as elms because if you claim it jumps

and you're either not near the told she

resumes or you basically had no tax

liability for the last year or so that's

the only way you could claim is m's

otherwise if you claim as Em's to get

all your money throughout the year

without doing this form properly what's

gonna happen is if you read here all

right underneath that it says under

penalties of perjury I declared I have

exam this salmon this certificate and to

the best of my knowledge and believe it

is true and correct and complete which

means that if you lie in claiming Zim's

on this sheet you can be charged in a

court of law for perjury if you claim is

int with no reason to do so so that's

how we complete the form w-4 2019

once you finish fill all information

sign it give it to you give it to your

employer and watch your paycheck

change according your situation there

you go guys that's how you complete your

form w-4 2019 let me know if you have

any questions or you need any help of

anything just inbox me or send me a

message any way you want to and I'll

definitely or even leave a comment at

the bottom I'll definitely try to get my

best to get back to you as soon as

fossil thank you have a blessed day