Quote:
Originally posted by AGDee
That's not true, you can put as many exemptions on your W-4 as you want. There is a worksheet on the back of the standard one which said that with my mortgage interest and child care deductions, I should be claiming 11. I changed it, get a lot more in my paycheck each month and still got a $29 refund.
ETA: There's also a spot where you can designate an additional dollar amound per pay to be taken out, so you can say "Single, 1 exemption, plus $50 per pay" You do want to make sure that you're not going to put yourself in the hole, because if you do this and end up owing them, there can be fines for owing too much.
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And looking over the worksheets on the W-4 I'm STILL at 1 deduction (I have two jobs, will NOT be able to itemize my deductions like this year because of the trip to Germany as a volunteer team leader for World Youth Day, am not able to claim exempt because I WILL have a slight tax liability, I don't have kids, my adjustments to income this year will be much smaller than they have been and the worksheet makes you drop fractions, etc). This is proof that SOME of us are not ABLE to change the amount withheld from our paychecks so we don't give the government free use of our money. Yeah, I would much prefer to keep more of my paycheck each month, HOWEVER it is also nice when planning big projects for my house to get a lump sum back in February - and with what savings accounts are paying for it to be in the bank versus with the Government there really is not much of a difference in the end (my personal investing is my matched 401K which is pre-tax dollars).
Sarah