New NC-4 allowance form, new tax rates & new tax laws (Charlotte: sale, car insurance)

[Richard Martin]

My wife and I aren't retired, and my wife works for Harris Teeter. I own a small business. We're going to have to run some simulations to see how this all works out for us. My wife has already filled out her new tax forms but we may need to make some adjustments to hers to get things correct. We should know everything towards the end of January.

[ipdsharkey]

I assume you mean that the tax changes have benefited residents of N. Carolina. I hope so since we want to move there in a couple of years..

[momtothree]

Originally Posted by ipdsharkey

I assume you mean that the tax changes have benefited residents of N. Carolina. I hope so since we want to move there in a couple of years..

The state income tax. Not federal, that's separate and in addition to.

[brc200]

I don't know what I need to do. I am married, filing jointly, with one child under the age of 18. How should I fill out the NC-4 form? Should the highest income claim the allowance for child or the lowest income?

[PalmBeach]

While you await an informed answer, here is a quick read with a few tips:

Employees in North Carolina receive new tax-withholding forms - Winston-Salem Journal: Local News

[WFW&P]

Originally Posted by brc200

I don't know what I need to do. I am married, filing jointly, with one child under the age of 18. How should I fill out the NC-4 form? Should the highest income claim the allowance for child or the lowest income?

Personally I'm for sticking as much money as I can in my pocket. A tax refund is money you allow the government to use all year for free. So far I get a small refund from the state, usually < $500 and since tax codes are forever changing I shoot for +/- $1000.
I recommend speaking with an accountant.

On a side note my company sent out the email with the new forms earlier this week. Looks like I have a little reading to do.

[ipdsharkey]

Momtothree, yes I understand this is NC State Tax. My wife and I will be receiving out of state government pensions when we move there. It sounds like we will be ok with the changes...

[momtothree]

Originally Posted by ipdsharkey

Momtothree, yes I understand this is NC State Tax. My wife and I will be receiving out of state government pensions when we move there. It sounds like we will be ok with the changes...

My apologies, when I originally posted my post, it was in my city forum. I hadn't realized it was moved and merged with this thread here. Since I realized it was moved, I now understand the context of your question. And excellent news that it will work out for you.

[NM posts]

So, someone please give me new tax form for dummies.

I have no idea how to estimate what my mortgage interest will be next year. I bought my first home late last year and, well, I am confused.

But I don't want to use the EZ form if I can deduct mortgage interest?

Also, my company still has not made any kind of announcement about this, sigh.

[SunnyKayak]

FAQ, explanations forms on the NCDOR Press Release - Employers must collect new Form NC-4 EZs or NC-4s