Quote:
Originally posted by Beryana
And some of us just had a LOT of deductions meaning we get a refund! When you had student loan interest, charitable contributions, Lifetime Learning Credits, Homestead Credit, etc THAT is what gives a refund. If you don't have enough to itemize deductions, yes you should look into having less taxes taken from your paycheck. If you itemize and make rather low income, you ARE going to get a refund (when you make over $18,000 and your taxable income is around $4500, not much you can do about 'the government stealing your money' because they are giving you back EVERYTHING you put in! You also have to remember there is not much you can do when you can only claim 1 deduction on your W-4 - you can't take it to 2 if you are single which would mean fewer taxes taken out.)
Sarah
ETA: Some of us STILL do pretax investments so we ARE lowering the amount that is sent to the Government.
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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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