2007-04-23 09:07:14 · 6 answers · asked by dropping_k 1 in Business & Finance ➔ Taxes ➔ United States
I know they will withhold more of my income if I claim 0, but I would rather do that and get a bigger refund than get paid a few more dollars a paycheck.
2007-04-23 09:08:55 · update #1
If you REALLY want a huge refund, fill out the W-4 telling them to withhold an extra $100 a week from your paycheck. That will increase your refund by $5200. You're only letting them hold your money for a year, then getting it refunded to you, of course.
2007-04-23 10:18:00 · answer #1 · answered by Judy 7 · 4⤊ 0⤋
It is very true. Because more money will be deducted from your income if it is assumed you have no exceptions and if you did not claim yourself. So when you file your taxes and claim the necessary dependents and deductions, you will get more money back in refunds.
2007-04-23 16:14:10 · answer #2 · answered by Ola 4 · 3⤊ 0⤋
Yes, it is true. Why you want to do this?
You will be loosing some money in this case!! How? Read this link:
http://tax1040.blogspot.com/2007/04/i-am-getting-big-refund-on-tax-return.html
Instead of giving this interest free money to IRS, put it in CD and earn ~5% interest on it!
-Infoman
Not a legal advice.
http://theusefulinfo.com/tax/tax.html
2007-04-24 00:31:29 · answer #3 · answered by www.TheUseFulInfo.com 2 · 2⤊ 0⤋
Yes, but you'll get a smaller paycheck for the "privilege" of making an interest free loan to the government. Why anyone would want to do that is beyond me, but it's your money and you're free to waste it as you see fit.
2007-04-23 18:37:28 · answer #4 · answered by Bostonian In MO 7 · 5⤊ 0⤋
sure, but why do you want to give the government a free loan?
2007-04-23 16:49:12 · answer #5 · answered by zmj 4 · 4⤊ 0⤋
I thought it was the other way around
2007-04-23 16:13:16 · answer #6 · answered by Anonymous · 0⤊ 5⤋