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Video instructions and help with filling out and completing When Form 2220 Allowance

Instructions and Help about When Form 2220 Allowance

Hey guys, it's Anthony Fontana here. I'm an IRS enrolled agent with EI Tax Resolutions. Today, I'm addressing the question of how many allowances to claim on the IRS Form W-4. The IRS Form W-4 is a form that your employer is required to give to you when you start a new job. It tells your employer how much taxes to withhold from your paycheck. This is an important form to fill out accurately to ensure you're paying enough taxes throughout the year, so you don't owe a lot at the end of the year. However, you also don't want to be paying too much and not having enough money to cover your bills. There's a lot of information that goes into filling out the accurate Form W-4. It considers your sources of income, the amount of income you have, your filing status, and the number of dependents you have. The most important thing is understanding the concept behind the number of allowances you claim on line 5 of the Form W-4. Higher numbers tell your employer to withhold less taxes, while lower numbers tell your employer to withhold more taxes. On the first page of the IRS Form W-4, you only need to fill out and return the bottom half, below the highlighted section. This includes basic information about yourself, such as your name, address, social security number, filing status, and the number of allowances you will be claiming. The rest of the form and the additional worksheets are there to help determine the accurate amount of allowances you should be claiming based on your situation. These worksheets help if you itemize deductions, have multiple jobs, or are married filing jointly with two earners. Understanding the form can be confusing, especially if your situation is complex. If you're unsure about the amount of allowances you...