(Closed) Question about taxes/ W4?

posted 6 years ago in Legal
Post # 3
Member
2320 posts
Buzzing bee
  • Wedding: October 2011

http://www.irs.gov/pub/irs-pdf/p15.pdf – Start at Page 44 for Biweekly Paychecks

I’m no expert but I use this as a way to tell what will be taken out.  Depending on how much you Darling Husband makes, you have claim at least 8 for no money to come out. 

Post # 5
Member
2320 posts
Buzzing bee
  • Wedding: October 2011

@cbee:  That was going to be my next bit of advice! We need one too, so I understand!

Post # 6
Member
4371 posts
Honey bee

I think 9 is the highest number of deductions you can take. Not sure though. 

Post # 7
Member
83 posts
Worker bee
  • Wedding: November 2013

I’m pretty sure the only way to have 0 taxes taken out is to claim “exempt” in the box on the bottom of the W4.  However, the only way you qualify to claim “exempt” is if you received a full refund of ALL federal taxes paid in the previous year and expect to receive a full refund again in the current year.  This would mean for 2012 that you would combined need to have income of less than $19,500 for the year, and less than $300 of unearned income (meaning from interest income and dividends). 

Post # 8
Member
3693 posts
Sugar bee
  • Wedding: December 2011

Are you absolutely certain you’ll have the amount of next year’s tax bill saved up in time?  DH got some bad advice from his parents years ago, and was claiming something like 6 exemptions.  For several years in a row, he ended up owing $3,000.  The IRS contacted his employers, and made them change his exemptions to 0 and pay the maximum amounts.  That still wasn’t covering it, so he had to work out a payment plan.  We got married in December, so they kept what my refund would’ve been from last year, and he still owes $137!

I’d recommend changing your exemptions to whatever will cover your taxes as closely as possible so you won’t owe the IRS or get a refund.

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