W4 Tax Form question · PACKERSHOME

Zero2Cool
Elite Member Topic Starter

13 years ago

This crap always confuses me. I have one child that I claim and I'm single. What's the best way to fill out the W4 form?

This site here - link - says I should claim 6. If I claim that much, wouldn't I end up paying in at tax time?

Wanna join the discussion?! Login to your PACKERSHOME forum account or Register a new forum account

wpr
Preferred Member

13 years ago

There are 2 options
1. Do you want to keep your money as long as possible and then pay a big chunk back to Uncle Sam in April? Use a high number.
2. Do you want to pay a little every pay check and make the payments "automatic" and less painful? Then claim a low number and get money back at the end of the year.

I am a 1099 and do not have anything including Social Security withheld. Therefore I have to make quarterly estimated payments. I pay every month instead.

Zero2Cool
Elite Member Topic Starter

13 years ago

I'd rather them take a little more out of the paychecks now and get a refund at tax time, than worry about paying in at tax time.

wpr
Preferred Member

13 years ago

There you go. You answered your own question. You are smart enough to run your own website.
I know some people that claim 0. that way they get a big chunk o change at the end of the year. They then put it into the bank. they don't feel they are disciplined enough to save back the money every week/month so they have the Feds do it for them.

Zero2Cool
Elite Member Topic Starter

13 years ago

Originally Posted by: wpr

I think I've proven it doesn't take smarts to run a website, lol. How many times has the site went down in the last year? haha

Saving money myself is one more thing to concern myself with. If I can have it out of sight, out of mind, I'm okay with that.

What I'm worried about is it asks about dependents and what not. Can I really say zero, and then at tax time claim my daughter without a penalty?

wpr
Preferred Member

13 years ago

Originally Posted by: Zero2Cool

I am not a tax expert but I believe you can. The same way you can claim "6" dependents and then file with 2.

DakotaT
Select Member

13 years ago

The only problem with overwithholding yourself is that you let the government have your money interest free all year. If that doesn't bother you and you don't have financial discipline, then letting the IRS hold on to your money for you is a good thing.

rabidgopher04
Member

13 years ago

Originally Posted by: wpr

This is extremely oversimplified. I claim 9 and still get a tiny refund. Basically I've figured out what my tax liability should be at the end of the year and adjusted my allowances accordingly. There's no way I want the government to hold on to MY money all year long. I'd rather receive it in each paycheck.

Amazing Bacon Delivery Service! Never be without good bacon again.

DakotaT
Select Member

13 years ago

The best tax planning is to pay into the IRS with your return as much tax as possible, without being subjected to quarterly estimated payments. I understand that a lot of people do not have the discipline to be able to have the extra scratch for that dreaded check to the IRS, but I just will not let people have my money interest. Since Mia got that tumor I have been able to use the allowable $6K non taxable income for medical expenses. People with children in daycare should always use the $5K non taxable income for dependent care costs. There are also investment opportunities to shelter some income for taxes as well, but in these days most people need all of their income to live.

I don't let my bank handle my escrow either, but if you don't have the 20% down to buy a house so you can do your own escrow, what the hell are you buying the house for?

Zero2Cool
Elite Member Topic Starter

13 years ago

#10

Well I'm ready for an alternative, but until some smart guy finds a way to take care of all the needy, I guess I'll just have to keep writing a big check to the IRS every year.

Originally Posted by: DakotaT

Why do you write a big check to the IRS every year? I get a check from them every year.

Important Information:

The PACKERSHOME uses cookies. By continuing to browse this site, you are agreeing to our use of cookies. More Details Close

Fan Shout

Mucky Tundra (6-Jul) : And James Flanigan is the grandson of Packers Super Bowl winner Jim Flanigan Sr.

Mucky Tundra (6-Jul) : Jerome Bettis and Jim Flanigans sons as well!

Zero2Cool (6-Jul) : Thomas Davis Jr is OLB, not WR. Oops.

Zero2Cool (6-Jul) : Larry Fitzgeral and Thomas Davis sons too. WR's as well.

Mucky Tundra (5-Jul) : Kaydon Finley, son of Jermichael Finley, commits to Notre Dame

dfosterf (3-Jul) : Make sure to send my props to him! A plus move!

Zero2Cool (3-Jul) : My cousin, yes.

dfosterf (3-Jul) : That was your brother the GB press gazette referenced with the red cross draft props thing, yes?

Zero2Cool (2-Jul) : Packers gonna unveil new throwback helmet in few weeks.

Mucky Tundra (2-Jul) : I know it's Kleiman but this stuff writes itself

Mucky Tundra (2-Jul) : "Make sure she signs the NDA before asking for a Happy Ending!"

Mucky Tundra (2-Jul) : @NFL_DovKleiman Powerful: Deshaun Watson is taking Shedeur Sanders 'under his wing' as a mentor to the Browns QBs

Zero2Cool (30-Jun) : Dolphins get (back) Minkah Fitzpatrick in trade

Zero2Cool (30-Jun) : Steelers land Jalen Ramsey via Trade

dfosterf (26-Jun) : I think it would be great to have someone like Tom Grossi or Andy Herman on the Board of Directors so he/they could inform us

dfosterf (26-Jun) : Fair enough, WPR. Thing is, I have been a long time advocate to at least have some inkling of the dynamics within the board.

wpr (26-Jun) : 1st world owners/stockholders problems dfosterf.

Martha Careful (25-Jun) : I would have otherwise admirably served

dfosterf (25-Jun) : Also, no more provision for a write-in candidate, so Martha is off the table at least for this year

dfosterf (25-Jun) : You do have to interpret the boring fine print, but all stockholders all see he is on the ballot

dfosterf (25-Jun) : It also says he is subject to another ballot in 2028. I recall nothing of this nature with Murphy

dfosterf (25-Jun) : Ed Policy is on my ballot subject to me penciling him in as a no.

dfosterf (25-Jun) : I thought it used to be we voted for the whatever they called the 45, and then they voted for the seven, and then they voted for Mark Murphy

dfosterf (25-Jun) : Because I was too lazy to change my address, I haven't voted fot years until this year

dfosterf (25-Jun) : of the folks that run this team. I do not recall Mark Murphy being subject to our vote.

dfosterf (25-Jun) : Ed Policy yay or nay is on the pre-approved ballot that we always approve because we are uninformed and lazy, along with all the rest

dfosterf (25-Jun) : Weird question. Very esoteric. For stockholders. Also lengthy. Sorry. Offseason.

Zero2Cool (25-Jun) : Maybe wicked wind chill made it worse?

Mucky Tundra (25-Jun) : And then he signs with Cleveland in the offseason

Mucky Tundra (25-Jun) : @SharpFootball WR Diontae Johnson just admitted he refused to enter a game in 41° weather last year in Baltimore because he felt “ice cold”

Zero2Cool (24-Jun) : Yawn. Rodgers says he is "pretty sure" this be final season.

Zero2Cool (23-Jun) : PFT claims Packers are having extension talks with Zach Tom, Quay Walker.

Mucky Tundra (20-Jun) : GB-Minnesota 2004 Wild Card game popped up on my YouTube page....UGH

beast (20-Jun) : Hmm 🤔 re-signing Walker before Tom? Sounds highly questionable to me.

Mucky Tundra (19-Jun) : One person on Twitter=cannon law

Zero2Cool (19-Jun) : Well, to ONE person on Tweeter

Zero2Cool (19-Jun) : According to Tweeter

Zero2Cool (19-Jun) : Packers are working on extension for LT Walker they hope to have done before camp

dfosterf (18-Jun) : E4B landed at Andrews last night

dfosterf (18-Jun) : 101 in a 60

dfosterf (18-Jun) : FAFO

Zero2Cool (18-Jun) : one year $4m with incentives to make it up to $6m

dfosterf (18-Jun) : Or Lions

dfosterf (18-Jun) : Beats the hell out of a Vikings signing

Zero2Cool (18-Jun) : Baltimore Ravens now have signed former Packers CB Jaire Alexander.

dfosterf (14-Jun) : TWO magnificent strikes for touchdowns. Lose the pennstate semigeezer non nfl backup

dfosterf (14-Jun) : There was minicamp Thursday. My man Taylor Engersma threw

dfosterf (11-Jun) : There will be a mini camp practice Thursday.

Zero2Cool (11-Jun) : He's been sporting a ring for a while now. It's probably Madonna.

Martha Careful (10-Jun) : We only do the tea before whoopee, it relaxes me.

Please sign in to use Fan Shout

2025 Packers Schedule

Sunday, Sep 7 @ 3:25 PM

LIONS

Thursday, Sep 11 @ 7:15 PM

COMMANDERS

Sunday, Sep 21 @ 12:00 PM

Browns

Sunday, Sep 28 @ 7:20 PM

Cowboys

Sunday, Oct 12 @ 3:25 PM

BENGALS

Sunday, Oct 19 @ 3:25 PM

Cardinals

Sunday, Oct 26 @ 7:20 PM

Steelers

Sunday, Nov 2 @ 12:00 PM

PANTHERS

Monday, Nov 10 @ 7:15 PM

EAGLES

Sunday, Nov 16 @ 12:00 PM

Giants

Sunday, Nov 23 @ 12:00 PM

VIKINGS

Thursday, Nov 27 @ 12:00 PM

Lions

Sunday, Dec 7 @ 12:00 PM

BEARS

Sunday, Dec 14 @ 3:25 PM

Broncos

Friday, Dec 19 @ 11:00 PM

Bears

Friday, Dec 26 @ 11:00 PM

RAVENS

Saturday, Jan 3 @ 11:00 PM

Vikings