Form W-4 vs. Form W-4v 2024

Okay, for this video, I wanted to briefly cover the IRS Form W-4-V. This W-4 version is a voluntary withholding request. So, what we want to do here is cover an example where if you're receiving unemployment compensation, it might make sense to complete this form and self-impose federal income tax withholding. I've got a sample form in front of us here, and then one slide that covers some of the rules that we've got in front of us. So, who wouldn't want to complete this and why? Well, the W-4-V can be completed by a taxpayer that voluntarily wants to have federal taxes withheld from the payments for certain types of income that otherwise are not required to be withheld upon. One such example is unemployment comp, right? So, unemployment compensation is income to you as a taxpayer, right? So, you have to report it on your return and potentially pay tax on it, depending on how much you receive and what your other income is for the year. But the point is that by default, it's not required to be withheld upon by the state that's paying you the unemployment, right? So, it's not required, but in some cases, you might want to elect to have the withholding applied because you anticipate you're going to owe tax on it, right? So, if you're drawing unemployment and you think it's going to be taxable to you, maybe you want to have the taxes come out throughout the year so that it ensures that at least some of the tax is being paid in. Because the last thing you want is to have to report all this taxable income at the end of the year and then not have any money to pay the tax. Now, the amount that's going to be deducted...