Thread: Deductions

Originally Posted by Hallatauer

Presently I'm getting too much back in refunds from both the state and federal tax returns. To me this means I'm giving Uncle Sam a free loan.

I want to make a change to my deductions but how much difference or change would be appropriate? Is there a simple formula to use? I find the directions on the W-4 form to be useless as I have mortgage, property and other deductions.

Thanks

Hallatauer, I worked through this a couple years back when I too still had a mortgage. It was not simple for me to figure out, but I finally did it using the standard worksheets and looking at my earnings and leave statements and past tax returns all in combo as I recall. It took multiple attempts to get to the finish line, but I got there. You can get it figured out too. Just be persistent even when you want to throw something in frustration.

Originally Posted by Hallatauer

Presently I'm getting too much back in refunds from both the state and federal tax returns. To me this means I'm giving Uncle Sam a free loan.

I want to make a change to my deductions but how much difference or change would be appropriate? Is there a simple formula to use? I find the directions on the W-4 form to be useless as I have mortgage, property and other deductions.

Thanks

I had the exact same problem - kept getting about $5,000 refund

Go to HR and claim 9 Dependents - it's that easy - and they can change it immediately.

CLAIMING BEYOND 9 requires a lot of RED TAPE

When you file your Income Tax - Claim real Dependents (3)

The Deductions are why you're getting so much back. My charitable contributions are my largest deduction BUT we want to continue with this practice - yet get more money per paycheck throughout the year.

I'd also recommend Turbo Tax and file on line. If you have a VanGuard Account it's little to nothing. Once you file with Turbo Tax they bring up everything from last year so it goes even faster.

You need to see your accountant........

Originally Posted by Hallatauer

Presently I'm getting too much back in refunds from both the state and federal tax returns. To me this means I'm giving Uncle Sam a free loan.

I want to make a change to my deductions but how much difference or change would be appropriate? Is there a simple formula to use? I find the directions on the W-4 form to be useless as I have mortgage, property and other deductions.

Thanks

just go to www.irs.gov and on the front page you will see on the left side witholding calculator

Thanks for the suggestions... I'll keep working on it. I've been using TurboTax for years and have been happy with the service.

Steadygain.... I'm all ready claiming 12 and Employee Express allows up to 99. No need for HR.

Cheers

When I was done with my taxes... yes I am done and filed all ready. One feature they offer on TurboTax is figuring out what you should claim on your W4's in order to come out as close to zero as possible. Did it for both me and my wife's W4. Made the change and we'll see how it goes.