I am 24 years old and i started my full time job Nov 2006. I am slated to make around 40K to 44K. I am a single male, no kids, who still lives with my parents, but moving to an apt in the near future. I live in NJ but work in PA. What is the best way to file my W-4 to get the most money back come tax season next year.
2007-03-08 06:47:00 · 6 answers · asked by chris 1 in Business & Finance ➔ Taxes ➔ United States
Your goal should be to not owe the IRS or have a refund coming . It should be to make sure that you have the appropritate amount withheld to not owe, or give the goverment a interest free loan
Using your most recent paycheck stub, use the IRS withholding calculator to compute how to complete the W4
http://www.irs.gov/individuals/page/0,,id=14806,00.html
2007-03-08 06:54:31 · answer #1 · answered by Anonymous · 2⤊ 1⤋
You'd probably want to file your W-4 as single 0 allowances. You could also fill it out as single 1 allowance.
You say you want to get the most money back next year. You should be looking at how much tax you pay total, not how big your refund is. Getting a refund just says that you overpaid all year, and they're giving you back your own money that you overpaid.
If you really want a big refund, file your W-4 as single -0, and on the line for extra tax taken out, put down $100 per week. Then you'll get a huge refund, since you'll have paid in $5000+ too much. Doesn't sound like a good idea? I didn't think so.....
2007-03-08 08:28:32 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
file Single-0 on the W4, and assuming that all your income comes via a W2 then you are 99% guaranteed a refund. and if you want even more back then have additional withholding taken from each pay. Alot of people say, dont give a tax free loan to the government, but I am one also likes to get a refund every year and I dont care about the little bit of interest income I am losing by not investing the money.
2007-03-08 07:03:43 · answer #3 · answered by RichManPoorMan 2 · 1⤊ 2⤋
W4 Options
2017-02-24 12:27:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I love Judy's answer about how to MAXIMIZE your refund. She is exactly right. The link below is the IRS calculator designed to MINIMIZE you refund / tax due.
2007-03-08 11:18:23 · answer #5 · answered by STEVEN F 7 · 1⤊ 1⤋
Consult a qualified tax preparer, that's what.
2007-03-08 06:49:54 · answer #6 · answered by Anonymous · 0⤊ 3⤋