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Started By
Message
Changing what I claim on W-4
Posted on 4/11/14 at 4:06 pm
Posted on 4/11/14 at 4:06 pm
Is it worth asking advice on here, or is that going too deep in the rabbit hole?
I'm trying to determine if I should change my status to Single 1, Married 0, or Married 1. I want to try and bring more moolah home, eliminate more of the wife's med school debt, and not owe any at the end of the year.
I'm trying to determine if I should change my status to Single 1, Married 0, or Married 1. I want to try and bring more moolah home, eliminate more of the wife's med school debt, and not owe any at the end of the year.
1
Posted on 4/11/14 at 4:10 pm to TheWiz
Doesn't TurboTax or the like figure this for you?
Posted on 4/11/14 at 4:15 pm to Traffic Circle
quote:
Doesn't TurboTax or the like figure this for you?
Yes. Their free website used to do it, too. It still may.
Posted on 4/11/14 at 4:19 pm to Traffic Circle
I did the IRS Withholding Calculator. I guess I don't really know what the hell I am reading. Assuming I filled it out correctly, Anticipated income tax for 2014 is $27,656. With current arrangement I will have $29,280 withheld resulting in overpayment of $1623.
Says to check married, claim 0, plus an additional $2223 for the balance of 2014.
So just change W-4 to married, 0 dependents, and have $2223 held over the remaining checks. Is that in addition to what is already taken out?
Says to check married, claim 0, plus an additional $2223 for the balance of 2014.
So just change W-4 to married, 0 dependents, and have $2223 held over the remaining checks. Is that in addition to what is already taken out?
Posted on 4/11/14 at 4:37 pm to TheWiz
That is defiantly confusing.
Posted on 4/11/14 at 4:38 pm to LSURussian
quote:
defiantly
Are you trolling me?
And yes, it is very confusing.
Posted on 4/11/14 at 4:40 pm to TheWiz
Who, me?
Posted on 4/11/14 at 5:16 pm to TheWiz
quote:
So just change W-4 to married, 0 dependents, and have $2223 held over the remaining checks. Is that in addition to what is already taken out?
Yup.
BUT.
Make sure you re-look at this again in 2015. If you go this route, you have to re-check it each year. Not a big deal, but just don't forget. You don't want to end up too off, high or low.
Now, are you disciplined enough to actually take the extra money each month and put it toward those loans? Or would you rather just send in an extra check each year to the loan company in the amount of your refund?
This post was edited on 4/11/14 at 5:17 pm
Posted on 4/11/14 at 5:29 pm to LSUFanHouston
quote:
Now, are you disciplined enough to actually take the extra money each month and put it toward those loans? Or would you rather just send in an extra check each year to the loan company in the amount of your refund?
Solid question. I'll have to think on that one.
So that nets an extra $365'ish minus the $138. That's roughly an extra $450 a month. That might be worth it. I'll have to think about it.
Posted on 4/11/14 at 5:42 pm to TheWiz
quote:
So that nets an extra $365'ish minus the $138. That's roughly an extra $450 a month.
You might need to check your math. You said your overpayment with no changes projected to be $1,623. That's the total amount extra you should be getting between now and the end of the year. If you got 450/month for 8 months, that would be $3,600. If this change in withholding increases your takehome by $450/month, you are going to be in trouble come tax time.
$1623/8 months = $203/month
Posted on 4/11/14 at 5:57 pm to LSUFanHouston
I'll have to double check it. Based on the "dummy" payroll statement from payroll, it would be an extra $365'ish each pay period. I took $2232 and spread it over 16 remaining checks.
I left it all at work.
I left it all at work.
Posted on 4/14/14 at 9:53 am to TheWiz
Any input from the weekday folks?
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