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Taxes. I don’t get it. Help.



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amother
OP


 

Post Tue, Oct 19 2021, 8:24 am
First of all, if I have dependents, personally I’d rather have more taxes held from my pay check then be left to owe at tax time. I’d rather get a check back from the IRS. Does that mean I want to claim all my dependents or I don’t? What do I have to put on my W-2?

Also, these advanced child tax credits that are coming along since July— what does that mean for my tax return next year? Am I going to owe now because I’ve already gotten my “tax credit”? I never asked for these tax credits ahead of time. Did I miss an option to decline them?

I’m so not finance savvy.
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amother
Crimson


 

Post Tue, Oct 19 2021, 8:32 am
Do you have an accountant?

I take the least deductions on my paycheck, but definitely claim my dependents on my tax return. But everyone's situation is different, which is why you'd be better off talking to your accountant.

I've been saving these advances because I know I might need to pay them back when I file my return.
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groovy1224




 
 
    
 

Post Tue, Oct 19 2021, 8:42 am
amother [ OP ] wrote:
First of all, if I have dependents, personally I’d rather have more taxes held from my pay check then be left to owe at tax time. I’d rather get a check back from the IRS. Does that mean I want to claim all my dependents or I don’t? What do I have to put on my W-2?


The form you're referring to is a W-4, not a W-2. If you want more withheld, you'd claim fewer dependents. The more dependents you put on there, the less they will withhold.

amother [ OP ] wrote:
Also, these advanced child tax credits that are coming along since July— what does that mean for my tax return next year? Am I going to owe now because I’ve already gotten my “tax credit”? I never asked for these tax credits ahead of time. Did I miss an option to decline them?

I’m so not finance savvy.


These payment represent half the child tax credit you are entitled to for 2021. If you want to opt out, you can still do so for the November and December payments (it's obviously too late to opt out for the payments you have already received). You can google how to opt out and it will lead you to the IRS portal where you can do this. Be sure to do it soon if you want it to be effective for November.

Hope that helps!
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STovah




 
 
    
 

Post Tue, Oct 19 2021, 8:42 am
You can decline it online. If you filed a joint return last year, you and your husband would each need to create an e-services account and follow the steps to decline.
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amother
OP


 

Post Tue, Oct 19 2021, 11:27 am
Thanks for the advice! I just unenrolled myself and my DH will unenroll himself.

I wish I weren't so clueless about all this stuff. And we even have an accountant who does our taxes every year. My DH is the one who tracks down all our paperwork and gets it to the accountant every year. I'm so busy I am not involved.

Anyway, to change my W-4, doesn't seem so easy. Just looked at it. I have to send a worksheet? I can't just reduce the amount of dependents? Is my spouse a dependent even though he has a job? Does it depend on whether he lists dependents on his W-4?

I know I should just ask my accountant, which I will. But meanwhile, I want to glean more information on my own.
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mha3484




 
 
    
 

Post Tue, Oct 19 2021, 11:35 am
I was in charge of switching payroll companies and setting up new w4s for everyone. My accountant walked me through updating my withholdings while I was doing this and it was extremely helpful. I would definitly call yours and ask them to help you. It changed my paycheck.
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amother
Feverfew


 

Post Tue, Oct 19 2021, 11:39 am
amother [ OP ] wrote:
Thanks for the advice! I just unenrolled myself and my DH will unenroll himself.

I wish I weren't so clueless about all this stuff. And we even have an accountant who does our taxes every year. My DH is the one who tracks down all our paperwork and gets it to the accountant every year. I'm so busy I am not involved.

Anyway, to change my W-4, doesn't seem so easy. Just looked at it. I have to send a worksheet? I can't just reduce the amount of dependents? Is my spouse a dependent even though he has a job? Does it depend on whether he lists dependents on his W-4?

I know I should just ask my accountant, which I will. But meanwhile, I want to glean more information on my own.


If you are married and filing jointly then your husband cannot be your dependent. Defendants can only be your children under 17 (or 24 if a student) or a relative that lives with you and you support financially, that doesn’t have an income. Usually someone who is disabled or handicapped
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