Should I enter 0, in order to get more money back? Am I putting the 0 where all the lines add up?
2007-12-12 02:45:30 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you enter 0 on your W-4 you will have the maximum amount for your fileing status withheld from you paycheck. Then, when you do your tax return, your excess withholding will be returned to you, so yes, you will get a bigger refund.
Better idea, most employers can take an amount of money out of your check and deposit it in a savings account for you. When tax time comes around, you can get your "refund" from the bank, plus the interest that was earned.
In my opinion, it is best to check with your tax advisor about what to put on your W-4. The ideal is to come as close to 0 as possible on your refund!
2007-12-12 03:13:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can if you want to. You don't get any extra money that way - just get at the end what you would otherwise have gotten in each paycheck through the year. If you do that you give the government an interest-free loan of your money for the year, but if that's what you want to do, it's OK to do.
2007-12-12 11:01:36 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
here is the advice i give to all my friends. enter 0 for yourself. for males enter the amount of dependents you have, and that is it. for females enter the amount of children you have. then when you file your return you claim yourself to get the money back
2007-12-12 10:55:04 · answer #3 · answered by SA Warlock 3 · 0⤊ 0⤋