What is the largest number of tax allowances I can claim on my paycheck? I frequently change my number of allowances on my pay check throughout the year if I have an emergency and need some extra cash quick, I usually change it to 10, but what is the largest number I can put? I live in Michigan, if that is of any use. Thanks for the help.....
2007-07-23 01:16:20 · 2 answers · asked by megmb3 2 in Business & Finance ➔ Taxes ➔ United States
Here's a link to Publication 919 which explains withholding and the number of allowances you are entitled to.
http://www.irs.gov/pub/irs-pdf/p919.pdf
2007-07-23 03:52:55 · answer #1 · answered by Bill B 4 · 0⤊ 0⤋
The maximum legal number you can claim is what you're entitled to. Pure and simple.
When you claim too many withholding allowances you risk not having enough withheld to cover your tax liability when you file. That can leave you in even worse financial condition. The IRS always gets paid first, keep that in mind.
2007-07-23 01:44:51 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋