What should i claim on my w-4 to ensure a big refund (24k, single, no dep, not a dep) currently claims 0?

Answer 1

0 is correct.

Answer 2

To ensure a big refund, claim zero and have as much as you can afford extra taken out of each paycheck. But why would you want to do that? You don't end up with any EXTRA money, just delay getting it - you'll get it in a refund check instead of in each paycheck.

If you have an extra $500 taken out of your paychecks each month, you would get an extra $6000 in your refund - but it's the same amount as you would have gotten earlier - you will have just made an interest-free loan to the government for the year.

Getting a refund is just like getting change at the grocery store - if your bill is $12 and you give them a $20 bill to pay for it, you'll get $8 back. If you give them a $10 bill and two singles, you won't get any change - but you are no better off if you give them the 20, you've still paid the same amoiunt.

Answer 3

If you want a big refund, claim zero. Then on line 6, enter $100 if you're paid weekly or $200 if you're paid every 2 weeks. This way you should see a refund of $6,000 or more. There's a price for that refund, though. You'll get much smaller paychecks every payday.

What you're doing just doesn't make sense, IMHO. You're making a huge interest-free loan to the government. I'd much rather have the money in my hand every payday. Heck, if I get a refund, I've messed up! I'd rather pay on April 15th than get a refund! That way I've had the use of MY money all year long.

Answer 4

Zero is correct, but you can also indicated to take out extra funds as well, but for the life of me I never understand why people do this. Do you know you are loaning the government your money at 0% interest? Do you think the government would do that for you? Guess again if you said yes.