Frugal Village Forums banner
1 - 20 of 37 Posts

·
Registered
Joined
·
1,529 Posts
Discussion Starter · #1 ·
I know nothing about this kinda stuff. I am looking to get more in my paycheck, not really looking for a refund at the end of the year, but I also do not want to pay. I claimed 0 and married.

Can anyone help me out?

:sun:
 

·
Registered
Joined
·
708 Posts
What does your husband claim...

Being part of a two income household...you want to be very careful so that you do not pay at the end of the year...other than that i can't be of any help... sorry....
 
  • Like
Reactions: AnW819

·
Moderator
Joined
·
2,688 Posts
The person who does payroll where you work, should be able to give you a new form to fill out. That way you can adjust your claiming. Ask what she or he recommends in your case. Let them know your husband works also.
 

·
Registered
Joined
·
2,375 Posts
2011 Withholding Calculator

If you're not sure how to deal with that or if you're not sure how much you're going to make, I'd just play it safe and claim 2. You will most likely still get a refund back but you'll still see a little more each paycheck and at least you won't get a bill.
 
  • Like
Reactions: AnW819 and Darlene

·
Registered
Joined
·
1,218 Posts
The person who does payroll where you work, should be able to give you a new form to fill out. That way you can adjust your claiming. Ask what she or he recommends in your case. Let them know your husband works also.
I recommend this also. If Payroll isn't of help, calling the IRS would be my next step. They will definitely know the proper exemptions for you and your husband to claim so as to break even at the end of the tax year.
 

·
Registered
Joined
·
394 Posts
I go on the IRS website a minimum of 4 times a year, once quarterly, and plunk in all the information off my latest check stub to see where I am at with my withholding. There is a tool under the Individual section called withholding calculator. It has you put in several pieces of information on your most recent pay stub to calculate where you are at. Some years I have learned that I was having too little taken out and adjusted to come out even at the end of the year and sometimes I have learned I was having too much taken out and adjusted to get a bit more in each paycheck.

Even if it says I am on track when I go in on one of my check sees...I still go in the next quarter to re-check because for whatever reason things shift sometimes. I am salaried so it is not like my income is changing much but it still turns out I need to do some W-4 adjustments sometimes.

P.S. Edited to add you can print out a W-4 directly off the IRS website and fill it out and turn it in to your payroll department as well. They have a forms section where it is available for printing. I do my own whenever I need to make changes.
 

·
Registered
Joined
·
8,566 Posts
What others said - claiming 0 means the smallest paycheck, biggest refund. Claiming 2 is a good bet for now until you can get a better lock on what your actual taxes will be.

Since you rent and have no kids, you'll be taking the standard deduction - so it wont be hard to predict how to get you as close to $0 at tax time as possible.
 
  • Like
Reactions: AnW819
G

·
I always try and figure out what I think the tax bill will be, and how much they are withholding, and then how much they should be. If I know that my tax bill is $12,000, and DH and I are both paid weekly, I need to to be sure that between our 2 checks that they are taking out $230. I've had a hard time for the past 2 years since we've bought a house, DH got a much higher paying job, some unemployment, DS went from daycare to preschool, etc - but I don't think you and your DH should have anything too complicated to guesstimate.
 

·
Registered
Joined
·
8,566 Posts
Do not ask Payroll for advice - they are generally (perhaps legally) not allowed to advise you on tax matters.
 
  • Like
Reactions: AnW819

·
Registered
Joined
·
8,566 Posts
It generally should be, but have you gone through the IRS Withholding Calculator to be sure?
 

·
Registered
Joined
·
394 Posts
Please note that the withholding calculator is usually not available until February sometime as they need to update all the previous years changes and such.

Also....you do not just want to have a ton taken out of your checks and get a huge return. You want to work it so that your tax return is as close to 0, without having to pay. You are better off seeing the money in your paychecks and then just getting a small return. That should always be the goal.
 

·
Registered
Joined
·
1,016 Posts
I would rather budget my spending monthly. Claim 0 that way you have a larger refund.Its stinks having to pay in. If you have to pay in then when you file your taxes they will hand you a envelope to make the first payment to the IRS because you didn't have enough took out.Depending on what your incomes are you could have to pay up to $1,000 in taxes. Its better to do it now then come up with it later.
 

·
Registered
Joined
·
8,566 Posts
I would rather budget my spending monthly. Claim 0 that way you have a larger refund.Its stinks having to pay in. If you have to pay in then when you file your taxes they will hand you a envelope to make the first payment to the IRS because you didn't have enough took out.Depending on what your incomes are you could have to pay up to $1,000 in taxes. Its better to do it now then come up with it later.
Giving the Government an interest free loan for 12 months isn't 'better'.

The tools are out there to let one figure out how much one will owe and have the ideal amount withheld - why lend more to Uncle Sam than needed?
 
  • Like
Reactions: LuLuBleen

·
Registered
Joined
·
1,166 Posts
I know couple with kids and a mortgage who get tax refunds totaling $10,000-$12,000. This may sound good but why would you give Uncle Sam your money? I agree with Greebo.

I'd rather have more money in each paycheck. Then I can do with it what I want. My husband and I each claim 2 and we get a little money back.

2009 was the last year we could claim our daughter but we kept the deductions the same. If we owe some money this year then I guess we owe. We will make adjustments as needed.
 

·
Registered
Joined
·
265 Posts
This is one of those areas (getting a big refund vs. keeping more of your own money in your paycheck) that has strong supporters on each side.

My dad is an accountant and I was raised to figure out my withholding so I get the smallest refund possible, or even pay a little bit, but I have found that it's hard to convince the big refund proponents that they are doing the gov't a favor instead of themselves.

Kara
 
1 - 20 of 37 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top