Update Your Form W-4 Yearly
2022 – 01/11 Employees may want to update withholding information. The 2022 version of Form W-4, “Employee’s Withholding Certificate,” is used to tell an employer how much to withhold from paychecks. You may want to adjust your withheld amounts to reflect life changes that occurred in the past year. Some of these events include marriage, divorce, the birth or adoption of a child and changes in income from interest, dividends and capital gains. If you don’t have enough income withheld to cover your tax liability, you generally will owe when your tax return is filed. Conversely, you could receive a refund if more is withheld than necessary. You don’t have to complete a W-4 each year but you can revise one.