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Effect of Married Checkbox on W-4? wrldruler 01-24-2007
Posted by wrldruler on January 24, 2007, 2:15 am
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 My wife and I are currently set up as follows on our W-4s:

Wife: Single 0
Me: Single 4

Our refund was "too large" this year and I'd like to
decrease our withholdings (increase our allowances).

What will happen if we both check married on our W-4? Is
that the equivalent of 2 more allowances?

Thanks,

Chris

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Posted by A.G. Kalman on January 25, 2007, 2:24 am
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 wrldruler wrote:

> My wife and I are currently set up as follows on our W-4s:
>
> Wife: Single 0
> Me: Single 4
>
> Our refund was "too large" this year and I'd like to
> decrease our withholdings (increase our allowances).
>
> What will happen if we both check married on our W-4? Is
> that the equivalent of 2 more allowances?

If your refund was "too large" why would you want to
decrease the amount withheld?

You can find the withholding tables for 2007 in IRS Pub 15,
Employers Tax Guide.
http://www.irs.gov/pub/irs-pdf/p15.pdf

Or... you can use the IRS withholding calculator at:
http://www.irs.gov/individuals/article/0,,id=96196,00.html

--
Alan
http://taxtopics.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by taxxcpa on January 28, 2007, 4:26 am
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A.G. Kalman wrote:
> wrldruler wrote:

>> My wife and I are currently set up as follows on our W-4s:
>>
>> Wife: Single 0
>> Me: Single 4
>>
>> Our refund was "too large" this year and I'd like to
>> decrease our withholdings (increase our allowances).
>>
>> What will happen if we both check married on our W-4? Is
>> that the equivalent of 2 more allowances?

> If your refund was "too large" why would you want to
> decrease the amount withheld?
>
> You can find the withholding tables for 2007 in IRS Pub 15,
> Employers Tax Guide.
> http://www.irs.gov/pub/irs-pdf/p15.pdf
>
> Or... you can use the IRS withholding calculator at:
> http://www.irs.gov/individuals/article/0,,id=96196,00.html

He must mean he wants to DECREASE the exemptions so he can
reduce the refund.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Harlan Lunsford on January 25, 2007, 2:24 am
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wrldruler wrote:

> My wife and I are currently set up as follows on our W-4s:
>
> Wife: Single 0
> Me: Single 4
>
> Our refund was "too large" this year and I'd like to
> decrease our withholdings (increase our allowances).
>
> What will happen if we both check married on our W-4? Is
> that the equivalent of 2 more allowances?

Without knowing each of your income, and total income on
your form 1040 for 2006, it's really hard to say. But as a
general rule of thumb, I would say that as long as y'all's
total income is less than 60,000$ for the year, you can't go
wrong claiming M-1 apiece. Just a rule of thumb, mind
you. Best to scrutinize a W4 form very closely and work it
out.

ChEAr$,
Harlan Lunsford, EA n LA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Herb Smith on January 28, 2007, 5:54 pm
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> wrldruler wrote:

>> My wife and I are currently set up as follows on our W-4s:
>> Wife: Single 0
>> Me: Single 4
>>
>> Our refund was "too large" this year and I'd like to
>> decrease our withholdings (increase our allowances).
>>
>> What will happen if we both check married on our W-4? Is
>> that the equivalent of 2 more allowances?

> If your refund was "too large" why would you want to
> decrease the amount withheld?

Am I missing somthing? By decreasing amount withheld aren't
you reducing the excess over taxes (i.e. getting a SMALLER
refund)? Isn't that the OP's goal?

> You can find the withholding tables for 2007 in IRS Pub 15,
> Employers Tax Guide.http://www.irs.gov/pub/irs-pdf/p15.pdf
>
> Or... you can use the IRS withholding calculator at:
> http://www.irs.gov/individuals/article/0,,id=3D96196,00.html

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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