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re: IRS: Total Number of Allowances
Posted on 1/7/13 at 1:05 pm to tylercsbn9
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.
1
Posted on 1/7/13 at 2:58 pm to igoringa
quote:
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.
This. I think I claimed 5 or 6 allowances last year so that I did not receive thousands of dollars in refunds.
ETA: Just checked and I am claiming 2 this year.
This post was edited on 1/7/13 at 3:03 pm
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