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re: Changing what I claim on W-4
Posted on 4/11/14 at 4:19 pm to Traffic Circle
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?
2
Posted on 4/11/14 at 4:37 pm to TheWiz
That is defiantly confusing.
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
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