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Started By
Message
IRS: Total Number of Allowances
Posted on 1/7/13 at 12:18 pm
Posted on 1/7/13 at 12:18 pm
So, I am trying to update my W-4 with my company so they won't take out as much money from my paycheck as there is no need to get a refund every year. I obviously rather have the money now.
I assume I have 2 allowances (or maybe 3), but I am not sure?
I am 29, single, no kids, and own my house on which I deduct interest and state taxes. I also live in Texas where there isn't a state income tax. No one claims me as a dependent.
Looking at the W4 form online I assume I can claim
A-yourself if no one else can claim you as a dependent
B-Since I am single and have one job
E- Head of household
I assume I have 2 allowances (or maybe 3), but I am not sure?
I am 29, single, no kids, and own my house on which I deduct interest and state taxes. I also live in Texas where there isn't a state income tax. No one claims me as a dependent.
Looking at the W4 form online I assume I can claim
A-yourself if no one else can claim you as a dependent
B-Since I am single and have one job
E- Head of household
This post was edited on 1/7/13 at 12:20 pm
5
Posted on 1/7/13 at 12:28 pm to tylercsbn9
You have one allowance.
Posted on 1/7/13 at 12:57 pm to tylercsbn9
Single and 2 allowances. You will break even or get a small refund.
Posted on 1/7/13 at 1:05 pm to tylercsbn9
There is a myth about the W4 and allowances. Some folks need to claim many more 'allowances' then the worksheet shows to break even come April (ie if you have a lot of itemized deductions).
There are no significant 'rules' around how many exemptions you can take. The key is that if you are under witheld by a certain threshold, you will get penalized.
There are no significant 'rules' around how many exemptions you can take. The key is that if you are under witheld by a certain threshold, you will get penalized.
Posted on 1/7/13 at 3:49 pm to tylercsbn9
If you pay/situation do not change from 2012 to 2013 then wait until after you file your 2012 taxes to see what your total federal and state tax liability are.
if you paid $5000 in federal taxes (what you paid from your check - what you get from a return)then, have your company withhold $100/wk if you get paid weekly. This way you will over pay by about $200 and get a $200 refund
Same thing for state.
if you paid $5000 in federal taxes (what you paid from your check - what you get from a return)then, have your company withhold $100/wk if you get paid weekly. This way you will over pay by about $200 and get a $200 refund
Same thing for state.
Posted on 1/7/13 at 4:23 pm to tylercsbn9
Look at the dollars, not the number of exemptions. You need to make the withholding come out to at least 90% of your previous years tax liability. If you under-withhold, there is a penalty and you will have to make quarterly estimated tax payments.
This post was edited on 1/7/13 at 4:25 pm
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