W4 Tax Form question · PACKERSHOME

Zero2Cool
Elite Member Topic Starter

13 years ago

This crap always confuses me. I have one child that I claim and I'm single. What's the best way to fill out the W4 form?

This site here - link - says I should claim 6. If I claim that much, wouldn't I end up paying in at tax time?

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wpr
Preferred Member

13 years ago

There are 2 options
1. Do you want to keep your money as long as possible and then pay a big chunk back to Uncle Sam in April? Use a high number.
2. Do you want to pay a little every pay check and make the payments "automatic" and less painful? Then claim a low number and get money back at the end of the year.

I am a 1099 and do not have anything including Social Security withheld. Therefore I have to make quarterly estimated payments. I pay every month instead.

Zero2Cool
Elite Member Topic Starter

13 years ago

I'd rather them take a little more out of the paychecks now and get a refund at tax time, than worry about paying in at tax time.

wpr
Preferred Member

13 years ago

There you go. You answered your own question. You are smart enough to run your own website.
I know some people that claim 0. that way they get a big chunk o change at the end of the year. They then put it into the bank. they don't feel they are disciplined enough to save back the money every week/month so they have the Feds do it for them.

Zero2Cool
Elite Member Topic Starter

13 years ago

Originally Posted by: wpr

I think I've proven it doesn't take smarts to run a website, lol. How many times has the site went down in the last year? haha

Saving money myself is one more thing to concern myself with. If I can have it out of sight, out of mind, I'm okay with that.

What I'm worried about is it asks about dependents and what not. Can I really say zero, and then at tax time claim my daughter without a penalty?

wpr
Preferred Member

13 years ago

Originally Posted by: Zero2Cool

I am not a tax expert but I believe you can. The same way you can claim "6" dependents and then file with 2.

DakotaT
Select Member

13 years ago

The only problem with overwithholding yourself is that you let the government have your money interest free all year. If that doesn't bother you and you don't have financial discipline, then letting the IRS hold on to your money for you is a good thing.

rabidgopher04
Member

13 years ago

Originally Posted by: wpr

This is extremely oversimplified. I claim 9 and still get a tiny refund. Basically I've figured out what my tax liability should be at the end of the year and adjusted my allowances accordingly. There's no way I want the government to hold on to MY money all year long. I'd rather receive it in each paycheck.

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DakotaT
Select Member

13 years ago

The best tax planning is to pay into the IRS with your return as much tax as possible, without being subjected to quarterly estimated payments. I understand that a lot of people do not have the discipline to be able to have the extra scratch for that dreaded check to the IRS, but I just will not let people have my money interest. Since Mia got that tumor I have been able to use the allowable $6K non taxable income for medical expenses. People with children in daycare should always use the $5K non taxable income for dependent care costs. There are also investment opportunities to shelter some income for taxes as well, but in these days most people need all of their income to live.

I don't let my bank handle my escrow either, but if you don't have the 20% down to buy a house so you can do your own escrow, what the hell are you buying the house for?

Zero2Cool
Elite Member Topic Starter

13 years ago

#10

Well I'm ready for an alternative, but until some smart guy finds a way to take care of all the needy, I guess I'll just have to keep writing a big check to the IRS every year.

Originally Posted by: DakotaT

Why do you write a big check to the IRS every year? I get a check from them every year.

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