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

12 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

beast (22-May) : Colts Owner Jim Irsay has passed away

Zero2Cool (21-May) : Well, emailing should work now. After not working for almost a year. Oops.

Zero2Cool (21-May) : Brotherly Shove did not get enough votes.

Zero2Cool (20-May) : lol our email hasn't worked in months. 7 pages of unverified users

Zero2Cool (20-May) : MySpace Screaming Lord Byron ... Brett Favre.

Zero2Cool (19-May) : Packers have signed first-round pick Matthew Golden, leaving second-round tackle Anthony Belton as their only unsigned draft pick

beast (19-May) : Supposedly he has to take his image, and name off of it... but otherwise could keep selling wine if he wanted to.

Zero2Cool (19-May) : he giving up his win business?

beast (19-May) : Speaking of Woodson, sounds like he'll be a minority owner (0.1%) of the Browns

Mucky Tundra (15-May) : Zero, regarding Woodson, that'd why I find the timing with Williams peculiar

dfosterf (15-May) : Ryan Hall y'all does a great job of tracking thesr

Zero2Cool (15-May) : Fear not!! I planned to do 33mi bike ride tomorrow morning, so ... yeah

Zero2Cool (15-May) : We got some dark clouds and nasty winds right bout now.

Zero2Cool (15-May) : Madison they had hail 4pm.

dfosterf (15-May) : Sure looks like these tornadoes are headed towards Green Bay

Zero2Cool (15-May) : Woodson of Charles fame was reluctant and then loved it. that didn't really come out until post career

Mucky Tundra (15-May) : IE "We bought into the Bears and they let us down, we have no choice to seek alternatives"

Mucky Tundra (15-May) : Or that Williams and his family are preparing an exit ramp if they don't like how things are going in a few years

Mucky Tundra (15-May) : Either Williams thought it would make him look good (reluctant but then embraces the city and franchise)

Mucky Tundra (15-May) : I can only assume that the Williams camp agreed to cooperate with that article tells me 2 things

dfosterf (15-May) : Ya. They are in a great mood

Zero2Cool (15-May) : I should visit again

dfosterf (15-May) : ChiCity Sports entering freakout mode due to Caleb and his dad not wanting him to go there

Zero2Cool (15-May) : "He's looking really good out there," Derrick Ansley said of Kalen King. Adds that he's been playing inside and out.

Zero2Cool (15-May) : Him saying he doesn't have one to give haha

Zero2Cool (15-May) : True, that was awesome. The whole F thing was great actually.

dfosterf (15-May) : I did like the Mark Murphy part, sorta

Zero2Cool (15-May) : Some comments on it saying it was great, amazing... I came away thinking... awkward.

dfosterf (15-May) : Packers schedule release video is "interesting" I guess.

Zero2Cool (15-May) : SOOO glad that tool still works. Saves from manually entering each game

Zero2Cool (15-May) : NFL Pick'em import was done last night.

Mucky Tundra (15-May) : Atlanta with 5 primetime games lol

Zero2Cool (15-May) : Week Five BYE?? NFL is hell.

wpr (14-May) : Vikings schedule leaked. Week 12 in GB. Week 18 in MN.

wpr (14-May) : CBS has GB @ NYG Week 11 Nov 16 and they will face MN in week 18 but don't say where. I think away

Zero2Cool (14-May) : W15: Packers at Broncos

Zero2Cool (14-May) : Ben Sirmans on MarShawn Lloyd: “Everything’s full go for him.”

Zero2Cool (14-May) : Luke Butkus says training camp will allow plenty of time to implement new center Elgton Jenkins

Zero2Cool (14-May) : wk 2 commanders at packers

Zero2Cool (14-May) : Ugh. Packers thanksgiving detroit ...boring

Zero2Cool (14-May) : Panthers at Green Bay in week 9, Nov 2nd

buckeyepackfan (14-May) : Week 1

buckeyepackfan (14-May) : Packers Host Detroit Week 1! ML finally gets a week home opener.

beast (13-May) : I was kind of hoping Douglas might come back to the Pack

beast (13-May) : My question is how much do we trust Jenkins? In bad weather, he seemed to struggle a bit with ball control snapping, though he started at OG

beast (13-May) : Well Jenkins probably knows he's not getting that 2026 salary number without a new contact... so just trying to get the new contact early

Zero2Cool (13-May) : CB Rasul Douglas is visiting the #Seahawks today, per source.

dfosterf (13-May) : He's a switch and baiter. Its the same as a bait and switcher except he agreed to the switch first lol

dfosterf (13-May) : 6.8 mil raise next year. Those are existing contract numbers

dfosterf (13-May) : 12.8 plus 4.8 pro rata signing bonus is 17.6 mil. Top center in the league at 18

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