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It is currently Wed Apr 23, 2014 7:35 am




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 Post subject: how many dependants to claim?
PostPosted: Tue May 22, 2007 2:49 pm 

Joined: Thu Apr 19, 2007 7:58 am
Posts: 231
Edited post due to possible ambiguity.

We are a single income household. Throughout the year for 2006, we used 2 for the number of allowances we claimed. But we got a big return, 9k. So we decided to increase it to 4. Now I'm thinking that 4 isn't enough.

I don't have a huge problem with getting a refund even though I understand "don't give the govt a free loan". But we've run into a cash flow situation, particularly when it comes to asset builder contributions. I'd rather invest on a monthly basis rather than a lump sum at the end of the year.

So how do we figure out the correct amount of tax withholdings to claim in order to come close to breaking even? (Erring on the side of caution and getting a small return if need be)

How did/do you decide how many to claim?


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PostPosted: Tue May 22, 2007 3:14 pm 

Joined: Thu Apr 19, 2007 7:58 am
Posts: 231
OK, I found the IRS withholding calculator.

http://taxes.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=taxes&cdn=money&tm=264&gps=413_656_999_495&f=20&su=p649.0.147.ip_&tt=7&bt=1&bts=0&zu=http%3A//www.irs.gov/individuals/article/0%2C%2Cid%3D96196%2C00.html


Assuming that this is accurate, I've got my answer.


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