My goal is to get as little of a refund as possible or at least break even, I've been claiming 1 for Fed and State, is it worth claiming 2? I`d rather not owe, just wonder if I have cushion.
Financial Gurus, What y'all claim on W4s?
- Thread starter Apollo Creed
- Start date
Bunchy Carter
I'll Take The Money Over The Honey
If you claim 2 you will probably owe the govt., it's best to keep 1. Claiming 2 means that the govt. is taking less money (taxes) out of your check because you have claiming 2 individuals ie. youself and a child. In the short term you will have a large check from your employer but will have a smaller refund and/or you will owe the govt.
Why do you want to get a small refund?
Why do you want to get a small refund?
It's essentially giving the govt an interest free loan.
Bunchy Carter
I'll Take The Money Over The Honey
The govt. is not going to look at it like that; there going to look at it as your claiming 2 to tying to paying less taxes (cheating the system).
If you want to look into giving the govt. loans or others call it marketable securities; look into cd or certificate of deposits, savings bonds, Treasury Inflation-Protected Securities (TIPS) or Treasury Notes.
dora_da_destroyer
Master Baker
Y'all must be real young, I been claiming 2 since graduating college and working full time, got refunds every year. Been looking for ways to be able to claim 3 allowances but it ain't happening 
Y'all must be real young, I been claiming 2 since graduating college and working full time, got refunds every year. Been looking for ways to be able to claim 3 allowances but it ain't happening
I am young, just a few years ago I was claiming Zero like a sucker lol. Do you have kids/things you write off?