W-4 Question

[seabeesgirl08]

My dh's federal and state withholdings still read single with no exemptions. We still want the same amount of taxes withheld out of his paycheck as he was getting when he was single. I just don't want to have to pay in and we enjoy getting that money from taxes at the first of the year. My question is, should we change it to married, but withhold at higher single rate with 2 exemptions?

[rosebud*]

if you claim exemptions it will lower the amount they take out. you can't have it both ways. I would claim the correct amount, then put the money you get back into your check into a savings account rather than let the gov't hold on to it interest free for a year.

[ily.mmw]

DH's withholding is Married but withhold at the higher single rate and it shows 2 exemptions.

[USCGBoxerMom]

If you want to withhold the max do married 0, if you go married 2 they will withhold less and unless your positive you are going to get money back you may end up owing depending on your finances.

You can use this as well.
http://www.irs.gov/individuals/artic...=96196,00.html

[Miss B Hav'n]

Originally Posted by seabeesgirl08 My dh's federal and state withholdings still read single with no exemptions. We still want the same amount of taxes withheld out of his paycheck as he was getting when he was single. I just don't want to have to pay in and we enjoy getting that money from taxes at the first of the year. My question is, should we change it to married, but withhold at higher single rate with 2 exemptions?

- I'm confused, your statement seems totally contradictory.

[Rich Lunsford]

The IRS calculator is a very handy tool. Claiming exemptions lowers the amount of tax withheld from your paycheck. This assumes that you claim only those exemptions that you actually qualify for. Ideally, you would receive all the income you could without having to pay taxes at tax time. The IRS calculator at http://www.irs.gov/individuals/artic...=96196,00.html will give you a great start toward claiming the correct exemption amounts.

Rich Lunsford is a CERTIFIED FINANCIAL PLANNERTM practitioner with USAA Financial Planning Services, one of the USAA family of companies. Rich holds the Series 7 and 66 securities licenses. Rich also holds the designations of Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and CHARTERED RETIREMENT PLANNING COUNSELOR (CRPC®).

Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.