Don't let filing multiple W-2s scare you

According to the Bureau of Labor Statistics, 7.4 million Americans (5.3% of the workforce) have more than one job, and the number is increasing. Add in those who changed jobs in 2016, and you have quite a few people who find themselves with two or more W-2s at tax time.

Fear not! If you use TurboTax, entering more than one W-2 is simple. In the Wages & Income section of TurboTax, we'll simply ask you: "Do you have another W-2 to enter?" Click yes, and you're on your way. You may be able to import your W-2 directly from each employer by entering the Employer ID Number (EIN) from Box – b on your form. When you have more than one job, be sure to check that you are withholding the right amount of taxes.

TurboTax W-4 withholding calculator can help you figure out your correct withholding allowances. If you had two jobs in 2016 but not at the same time, say one for 5 months, a layoff, and the next job for 6 months, your withholding was probably enough, as the amount withheld was based on two jobs held at two different times the entire year. On the other hand, if you have two jobs concurrently, there's a chance you may need to have more taxes withheld since you have dual income.

Ready to file? Don't let more than one W-2 scare you away. Get started today!

Original article provided by TurboTax.com

5 Tax Tips for Single Parents

Filing taxes as a single parent requires coordination between you and your ex-spouse or partner. Usually the custodial parent claims the child as a dependent, but there are exceptions. A single parent is allowed to claim applicable deductions and exemptions for each qualifying child. Even though you claim your child as a dependent, she may still have to file her own tax return if she has income, such as from an after-school job.

Read More

Brought to you by TurboTax.com

7 Requirements for the Child Tax Credit

The Child Tax Credit can reduce your tax bill by as much as $1,000 per child, if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit.

Read More

Brought to you by TurboTax.com

Guide to Filing Taxes as Head of Household

The IRS has provided a series of guidelines to help taxpayers understand whether or not they qualify to file as head of household.

Read More

Brought to you by TurboTax.com

IRS Publications

The IRS wants you to file your tax return. That's why it has guides to help you with nearly every tax situation. Find the IRS publication that covers your particular situation.

Read More

Brought to you by TurboTax.com
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.