my husband works and claims married filing jointly we have 2 kids.... we filled out a w=5 but the amount was microscopic, what do we need to put on the w-4 in order to get more on our checks rather than income tax?
2007-03-10 01:53:30 · 7 answers · asked by stuffy 5 in Business & Finance ➔ Taxes ➔ United States
I have a w-4 to fill out with me. I usually claim both kids, do i take one child off?
What happens at the end of the year when i fill out my taxes, do i just continue to leave one child off?
I need to fill out this form and send it off and am trying to figure out what to add or what to leave off.
2007-03-10 02:32:59 · update #1
If when you file your tax return every year, you are getting a large refund, then you are having too much taken out. On the other hand, if you put in too many exemptions and don't get enough taken out, you'll wind up owing the IRS. The trick is to try to get it to the point where it's close to the correct amount.
That is hard to do as your deductions can change from year to year if you have, for example, a lot of medical expenses in one year. Also, if you have a mortgage and are deducting interest, every year, that amount goes down as more and more of your payment is going towards the principal. You pay the most interest in the early years of a mortgage loan.
You'll need to put some additional exemptions on your w-4. You right now, are probably claiming 4 exemptions. You can claim up to 9 without having the IRS review your w-4. Be careful though. You don't want to claim 9 unless you are getting a huge tax return every year.
I'm posting a link for you to check over on how to fill out your w-4.
2007-03-10 02:06:13 · answer #1 · answered by Faye H 6 · 0⤊ 1⤋
You can claim more exemptions and have less withheld in federal income tax, but make sure that you will still have enough withheld to pay your tax at the end of the year because it won't help if you end up owing a chunk of money in April. It sounds like you applied for Advanced Earned Income Credit. Make sure that they figured it correctly, many employers are not familiar with the form and don't figure it right.
2007-03-10 10:02:48 · answer #2 · answered by Mary T 2 · 0⤊ 1⤋
You need to change the number of tax exemptions. This will let you keep more on your paycheck instead of waiting to get it back on your tax return. But be careful, if you claim too many exemptions, you will end up owing taxes at the end of the year.
2007-03-10 09:58:52 · answer #3 · answered by ALFimzadi 5 · 0⤊ 0⤋
if you have been owing a little or getting back a little at the end of the year then your withholding is about right. however, if you have been getting refunds every year then increase your W4 exemptions to get more in your paycheck and less back at the end of the year. but as the other answerer stated, be careful and don't increase your paycheck too much then end up owing at the end of the year.
2007-03-10 10:05:30 · answer #4 · answered by RichManPoorMan 2 · 1⤊ 0⤋
Here is the IRS's withholding calculator. Use it to help you determine how many exemptions to put on your W-4 so that you come out about right on your withholdings (not owing big & not waiting on a huge refund).
2007-03-10 10:11:51 · answer #5 · answered by Tom's Mom 4 · 3⤊ 0⤋
He needs to fill out a new 1099...and change the number of dependents to a higher number.
2007-03-10 10:00:30 · answer #6 · answered by nd721 3 · 0⤊ 5⤋
sleep with ur BOSS
2007-03-10 09:56:05 · answer #7 · answered by allizena 1 · 1⤊ 6⤋