Figuring Out Withholding for Taxes

**sunray16** · 12-16-2007, 01:12 AM

My DH and I both claim "zero" on our tax forms at work and every year we get a sizeable refund (several thousand). I want to change the withholding to get more money in our checks, but I'm afraid I'll not withhold enough and we'll have to pay at the end of the year. I did the withholding calculator on the IRS website and it told me to claim 7!!! That just doesn't sound right to me. Is there an easier way to figure it out?

**nodmicks** · 12-16-2007, 11:07 AM

Check out this site for help.

http://www.paycheckcity.com/w4/w4instruction.asp

**sunray16** · 12-16-2007, 11:46 AM

I tried the calculator for me and for my DH and it told us both to claim "zero". That can't be right.

**lisettelovebug** · 12-16-2007, 12:05 PM

It told us to claim 13!!! There is only 5 of us though. I thought the most you could claim on w4s was the amount of dependents?? This just seems like a lot.

**nodmicks** · 12-16-2007, 12:13 PM

Nope you can claim more because it takes into account the # of children etc you file your taxes with. To get no refund we should do 7. Dh claims 4 ( I work pt) and we always get a refund.

**3hungryboys** · 12-16-2007, 04:39 PM

Originally Posted by lisettelovebug

It told us to claim 13!!! There is only 5 of us though. I thought the most you could claim on w4s was the amount of dependents?? This just seems like a lot.

There are five of us and this year it told us to claim 12. DH was nervous so we compromised at 7 (we were claiming zero), and will bump it up all the way in 2008 (as soon as he sees we still get a refund).

**sunray16** · 12-16-2007, 04:46 PM

So, if I'm afraid to bump it up too high, should I let DH claim 3 (1 for each member of the family) and I'll still claim zero? Is that pretty safe? I just want to get back more each paycheck and not have to pay at the end of the year.

**Momof4cats** · 12-16-2007, 07:38 PM

You should be safe letting him claim 3 and you zero. Also, you both should be able to change the amount you claim any time during the year. At least in my company they're allowed to change whenever they want, but I have heard of companies allowing a change only once a year, unless there's a reason (marriage, new baby, etc.).

If he can change whenever he wants, I would go ahead and make the change, then about September or October, do a test run of your taxes. If it looks like you'll owe, the witholding can be adjusted for those last few months so you break even.