I'm starting a new job and would like to have the smallest amount withheld from my checks as possible for now - I will settle up when I pay my taxes at year's end. Can I put 9 allowances/dependents? Higher?
2007-01-15 13:03:03 · 10 answers · asked by gamesandtheory 2 in Business & Finance ➔ Taxes ➔ United States
15 if married filing jointly, 10 for everyone else is the highest, BUT ... be VERY careful here .. you're treading on dangerous ground. If you under pay your taxes by too much, one of two things will happen ... the IRS will either require you to start filing quarterly estimated taxes (A SERIOUS pain in the butt with a lot of extra paperwork) or you could have to pay a penalty which will cost you even more at tax time. Your goal should be to be at zero dollars at tax time +/- $500. Any more than that and you're either letting the government keep too much of your money or you're risking the scenario I mentioned above.
You didn't say anything about your income or deductions, etc. so I can't speculate on what you should claim ... but if you're debating about starting at 9 ... I'd cut that in half and claim 4 or 5 this year and see how you're taxes come out and then go up or down from there. I was personally claiming 3 last year and got back $3,000 (WAY too much) so I bumped it up to 5 this year and I'll adjust again after taxes next year.
Good Luck!
2007-01-15 13:13:29 · answer #1 · answered by Informed1 4 · 17⤊ 1⤋
There is no maximum # of allowances you can claim. The goal is to get your tax liability as close to zero as possible. Your employer is required to report to the IRS any instances that seem extreme or out of the ordinary. But, if you discuss why you are making the changes they will have no problems. Your employer may even take your request to stop withholding for the year so as to meet your goal of a similar tax paid as last year. Another idea if your employer will work with you is to have a set amount withheld each paycheck. This will work if you know that your income will be similar to the year before and you have a specific amount of withholding you would like to reach.
2016-03-28 23:28:37 · answer #2 · answered by Beverly 4 · 0⤊ 0⤋
Number Of Deductions
2016-11-07 08:28:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you can put 9 and then taxes wont be withheld but you will have to pay a large amount at the end of the year when you file.
2007-01-15 13:06:09 · answer #4 · answered by Sled Queen 3 · 1⤊ 2⤋
You can put as many allowances as you want, but if you are underwithheld, you will owe tax at the end of the year, and you will be assessed an underpayment penalty.
FWIW, my W-4 has 25 withholding allowances on it, but I am still overwithheld at the end of the year.
2007-01-15 13:26:48 · answer #5 · answered by jseah114 6 · 2⤊ 0⤋
You're better off using the W-4 worksheet. It will tell you exactly how many deductions you should claim.
2015-01-14 02:09:28 · answer #6 · answered by mary 1 · 0⤊ 0⤋
10 is the highest you can go.
2007-01-15 13:06:41 · answer #7 · answered by Summer 2 · 0⤊ 4⤋
I think you can only put two I mean other circumstance may exist.
2007-01-15 13:06:19 · answer #8 · answered by alwaysmoose 7 · 0⤊ 8⤋