Zero2Cool
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?
UserPostedImage
wpr
  • 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.
UserPostedImage
Zero2Cool
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.
UserPostedImage
wpr
  • 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.
UserPostedImage
Zero2Cool
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.

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?
UserPostedImage
wpr
  • wpr
  • Preferred Member
13 years ago

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?

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.
UserPostedImage
DakotaT
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.

UserPostedImage
rabidgopher04
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.

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
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?


UserPostedImage
Zero2Cool
12 years ago

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.


UserPostedImage
Fan Shout
beast (48m) : Sounds like P Luke Elzinga has a rookie try out opportunity from the Titans
dfosterf (3h) : Luke Elzinga Punter Oklahoma stil unsigned. Green Bay has been mentioned as good fit
beast (10h) : The Packers re-signed three exclusive rights free agents WR Melton, P Whelan and RB Wilson.
Zero2Cool (29-Apr) : February 5, 2002 (age 23) ok no. packers.com is wrong
Zero2Cool (29-Apr) : Micah Robinson is only 19??
Zero2Cool (29-Apr) : 6 first rounders on Packers defense now
Zero2Cool (29-Apr) : LB Isaiah Simmons. Signed. Called it!!! Oh yeah!
Martha Careful (29-Apr) : ty bboystyle...fat fingers
bboystyle (29-Apr) : Tom*
Martha Careful (28-Apr) : RIP Packer Safety Tim Brown
beast (27-Apr) : Yeah, but also some of the wording suggestions Jax only pranked called the QB, not the others... and if he had an open spreadsheet & 3 calls
beast (27-Apr) : Thank goodness he's not leaving the Turtle in the Red Tide
Mucky Tundra (27-Apr) : Cowboys 1st round pick Tyler Booker will indeed be bringing his pet turtle to Dallas with him
Mucky Tundra (27-Apr) : that contained all prospects info and contact
Mucky Tundra (27-Apr) : beast, according the Falcons statement Jax came across it on an ipad. If I had to guess, probably an open spread sheet or something
Zero2Cool (27-Apr) : Simmons put up an emoji with cheese.
beast (27-Apr) : Not sure anyone is interested in Isaiah Simmons... Collin Oliver might of taken his potential slot
beast (27-Apr) : I'm going with Jax Ulbrich is not telling the whole truth... he accidentally came across it? Why would a defensive coordinator have a QB #?
Zero2Cool (27-Apr) : He's not that great, but final piece of the script.\
Zero2Cool (27-Apr) : If we add Isaiah Simmons, book your Super Bowl tickets
Mucky Tundra (27-Apr) : Colts 1st round TE Tyler Warren also got prank called, was that Jax Ulbrich as well?
Zero2Cool (27-Apr) : Jax Ulbrich, Jeff Ulbrich’s son, released an apology for his role in the Shedeur Sanders prank call.
Martha Careful (27-Apr) : apparently he did not participate in practice or play on the east west shrine game nor the NFL combine. The kid was a mediocre spoiled brat
Mucky Tundra (27-Apr) : Yeah that one that was a super wounded duck that Sanders supporters are highlighting to prove a point
Zero2Cool (27-Apr) : Shough is the guy who missed guys at combine isn't he?
beast (27-Apr) : It's not official until I'm dead! I have a chance still! (Not really)
Mucky Tundra (27-Apr) : I could feel my body decomposing in real time when I read that
Mucky Tundra (27-Apr) : @MIKEYSAINRISTIL Tyler Shough will officially be the last person drafted to the NFL born in the 1900’s
Mucky Tundra (26-Apr) : saw the tweet, he meant the city
Mucky Tundra (26-Apr) : Was that for the team or the city?
Zero2Cool (26-Apr) : Adam Schefter @AdamSchefter · 3m Draft grade is in: Green Bay gets an A. The people, the city, the venue were all superb. NFL Draft’s next
Zero2Cool (26-Apr) : Matt LaFleur says Jaire Alexander is participating in #Packers offseason program, which has been conducted virtually during this first week
Zero2Cool (26-Apr) : ✅ ...
buckeyepackfan (26-Apr) : Check
Zero2Cool (26-Apr) : Matthew Golden cahanged 81 to 22??
TheKanataThrilla (26-Apr) : Sam Howell to Vikings...guess no Aaron
Martha Careful (26-Apr) : 1 round 7 min, with one extra minute if there is a trade. 2nd round 4 minutes, 3rd -3, 2 thereafter IMO
Martha Careful (26-Apr) : Agree
dfosterf (26-Apr) : Great idea imo
dfosterf (26-Apr) : 1st round to 7 minutes with one extension
dfosterf (26-Apr) : NFL comissioner wants to shorten the 2st
Mucky Tundra (26-Apr) : @jalenreagors They’re discussing if Sheduer can go back to college on NFL Network LMFAOOOOO
beast (26-Apr) : Great point Martha
beast (26-Apr) : Buddy Ryan used to say if a candy bar goes missing, there are two to blame, Rex and Rob 🤪 jk 😁
Martha Careful (26-Apr) : Bum Phillips used to say there are two ways to get better. Get better players or get players to play better. We have a new DL coach
Zero2Cool (26-Apr) : Yes. Look at the losses last year. They can win.
beast (26-Apr) : Can Packers win with their current DL?
bboystyle (26-Apr) : waiting for a pass rusher.
dfosterf (25-Apr) : 5 minutes between picks in the 3rd
dfosterf (25-Apr) : 3rd. Hate this phone
Please sign in to use Fan Shout
2024 Packers Schedule
Friday, Sep 6 @ 7:15 PM
Eagles
Sunday, Sep 15 @ 12:00 PM
COLTS
Sunday, Sep 22 @ 12:00 PM
Titans
Sunday, Sep 29 @ 12:00 PM
VIKINGS
Sunday, Oct 6 @ 3:25 PM
Rams
Sunday, Oct 13 @ 12:00 PM
CARDINALS
Sunday, Oct 20 @ 12:00 PM
TEXANS
Sunday, Oct 27 @ 12:00 PM
Jaguars
Sunday, Nov 3 @ 3:25 PM
LIONS
Sunday, Nov 17 @ 12:00 PM
Bears
Sunday, Nov 24 @ 3:25 PM
49ERS
Thursday, Nov 28 @ 7:20 PM
DOLPHINS
Thursday, Dec 5 @ 7:15 PM
Lions
Sunday, Dec 15 @ 7:20 PM
Seahawks
Monday, Dec 23 @ 7:15 PM
SAINTS
Sunday, Dec 29 @ 3:25 PM
Vikings
Sunday, Jan 5 @ 12:00 PM
BEARS
Recent Topics
14h / Green Bay Packers Talk / Martha Careful

18h / Green Bay Packers Talk / Zero2Cool

18h / Packers Draft Threads / Mucky Tundra

18h / Green Bay Packers Talk / wpr

18h / Green Bay Packers Talk / wpr

29-Apr / Green Bay Packers Talk / wpr

27-Apr / Packers Draft Threads / Mucky Tundra

27-Apr / Green Bay Packers Talk / beast

27-Apr / Green Bay Packers Talk / Mucky Tundra

27-Apr / Around The NFL / bboystyle

27-Apr / Green Bay Packers Talk / Mucky Tundra

27-Apr / Green Bay Packers Talk / Martha Careful

27-Apr / Packers Draft Threads / wpr

27-Apr / Packers Draft Threads / wpr

27-Apr / Packers Draft Threads / wpr

Headlines
Copyright © 2006 - 2025 PackersHome.com™. All Rights Reserved.