I am married and we have no kids. She also has a job. We file joint.

What is the allowance number we should have on our W4's? I have owed quite a bit (under 10k) last year. I know that it is better for me to have that money in my acct vs. the government but I would like it to be less of a chunk.

Thanks.

2 ...

Report Post

Posted by flyAU

Scottsdale

Member since Dec 2010

24848 posts

Posted on 5/29/14 at 3:06 pm to flyAU

Any help with this?

1 ...

Report Post

Posted by TheWiz

Third World, LA

Member since Aug 2007

11676 posts

Posted on 5/29/14 at 3:28 pm to flyAU

Each situation is pretty unique. Consult your tax pro or try using the withholding calculator on the IRS website.

1 ...

Report Post

Posted by flyAU

Scottsdale

Member since Dec 2010

24848 posts

Posted on 5/29/14 at 3:34 pm to TheWiz

damn. ok. thought it may be easier than that

1 ...

Report Post

Posted by seawolf06

Member since Oct 2007

8159 posts

Posted on 5/30/14 at 7:14 am to flyAU

Can someone explain why withholding of 0 does not fully cover my tax burden for the year?

1 ...

Report Post

Posted by krehn11

Member since Jul 2011

1486 posts

Posted on 5/30/14 at 7:36 am to seawolf06

There are too many variables to answer your question.

0 ...

Report Post

Posted by CHSBears

Baton Rouge

Member since Aug 2007

778 posts

Posted on 5/30/14 at 9:14 am to flyAU

Look at your 2013 tax return, if 1040 filed, take the amount on line 61 and divide by the number of times you get paid per year. This is a general/estimate amount to have withheld per pay period. Go to your HR dept and have them tell you how many allowances to claim to have ZERO withheld. File W-4 with MFJ and 10/15/20 allowances, whatever HR tells you, then on the W-4 line for the additional amount, put what you calculated based on 1040, line 61. You can adjust between you and wife on who has what deducted.

Page 1