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i am single with no kids and i over pay and got a nice refund at the end of the year. Is it possible to not over pay so much but still not owe at the end of the year?

2007-04-16 11:02:33 · 5 answers · asked by tommypski 2 in Business & Finance Taxes United States

5 answers

Take your most recent paycheck stub and go to the withholding calculator at the IRS website, just input the information as you go along it will give you a guestimate of how much you will have withheld this year and give you suggestions on what you need to report on your W4

http://www.irs.gov/individuals/page/0,,id=14806,00.html

2007-04-16 12:18:41 · answer #1 · answered by Anonymous · 1 0

The worksheet you fill out when you first got hired to determine the number of dependents you have determines how much taxes are taken out. The worksheet is merely a guideline. To have less taxes taken out of your paychecks, check with your Human Resources officer to fill out a new W-4, and increase it by one. If you claim 1 (just yourself) but want to even it out a little, claim 2. If you own a home (since the interest is deductable), you may even get away with claiming 3.

2007-04-16 11:13:15 · answer #2 · answered by Micah A R 2 · 0 0

Sure, just tweak the numbers on your W-4 form you filed with your employer. They give a worksheet to help you find the right number of allowances, but I find trial and error can also be useful.

You can put any number of allowances on your W-4, but you will get in trouble if it results in under-withholding and a significant tax bill due.

2007-04-16 11:36:53 · answer #3 · answered by Wolf Harper 6 · 0 0

If you got a significant refund, you could increase the number of allowances on your W-4 for the next year.

2007-04-16 12:43:50 · answer #4 · answered by Judy 7 · 0 0

Possibly by changing your W2 status to 0.

2007-04-16 11:09:59 · answer #5 · answered by Anonymous · 0 1

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