Declaring single and 0

[manlymatt83]

Is this the best thing to do? Don't you end up getting a really big refund at the end of the year?

Have a new W4 to fill out. Trying to decide how to do it.

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Please use the 6th Annual Anandtech Tax Time Thread.

Zim Hosein

Off Topic Moderator.

 

[KentState]

The best is to come as close to getting $0 back as possible. There is a formula on the back on the form that gets you somewhat close. There are also some calculators on the internet that figure in investments and deductions for home owners.

 

[Capt Caveman]

Depends. I'm 3 Federal and 1 State. My itemized deductions allow me to claim a 3.

 

[manlymatt83]

Originally posted by: KentState
The best is to come as close to getting $0 back as possible. There is a formula on the back on the form that gets you somewhat close. There are also some calculators on the internet that figure in investments and deductions for home owners.

Right, but most of the time it's at least 1 right?

 

[Rike]

If you can at least claim yourself, you generally can claim at least 1 on federal. State? Well that depends on your state.

 

[TipsyMcStagger]

Originally posted by: manlymatt83
Is this the best thing to do? Don't you end up getting a really big refund at the end of the year?

Have a new W4 to fill out. Trying to decide how to do it.

The worst thing you can do is get a really big refund. That means you overpaid your taxes on every paycheck for the entire year. You lent someone your money at 0 interest.

 

[thehstrybean]

Originally posted by: TipsyMcStagger

Originally posted by: manlymatt83
Is this the best thing to do? Don't you end up getting a really big refund at the end of the year?

Have a new W4 to fill out. Trying to decide how to do it.

The worst thing you can do is get a really big refund. That means you overpaid your taxes on every paycheck for the entire year. You lent someone your money at 0 interest.

QFT. I claim 0, but that was from long ago...

 

[DayLaPaul]

I'm single and I declare 3. I still get a small amount back every year. When I declared 1, I got back almost 3k.

 

[spidey07]

I claim like 8, no interest free loans to the gubment. Claiming zero means they take the MOST out of your check. There should be a worksheet on the back of the form as well as calculators on the web.

 

[Duddy]

Never done my taxes before, so I'm gonna let the person at H&R Block figure out what is best for me and my wife.

 

[Bateluer]

I believe I put zero on the W4 when I fill them out. They take more out, but I always get a decent refund when filing. The last two tax seasons, I was able to claim the Hope Credit and get very large refunds. This year, just the Lifetime Learning Credit.

The whole 'interest free loan' to the government is meaningless, they've already spent all your tax dollars for the next several decades.

 

[TallBill]

Originally posted by: Duddy
Never done my taxes before, so I'm gonna let the person at H&R Block figure out what is best for me and my wife.

That has about 3% relevance to the thread

 

[Capt Caveman]

Originally posted by: Bateluer
I believe I put zero on the W4 when I fill them out. They take more out, but I always get a decent refund when filing. The last two tax seasons, I was able to claim the Hope Credit and get very large refunds. This year, just the Lifetime Learning Credit.

The whole 'interest free loan' to the government is meaningless, they've already spent all your tax dollars for the next several decades.

 

[Jeff7181]

Originally posted by: Capt Caveman

Originally posted by: Bateluer
I believe I put zero on the W4 when I fill them out. They take more out, but I always get a decent refund when filing. The last two tax seasons, I was able to claim the Hope Credit and get very large refunds. This year, just the Lifetime Learning Credit.

The whole 'interest free loan' to the government is meaningless, they've already spent all your tax dollars for the next several decades.

Yeah... someone doesn't understand.

The point of not overpaying your taxes every paycheck is so that YOU get your money and it earns interest for you in the bank. The alternative is to give it to the government, and have them give it back to you at the end of the year and you lose any interest you would have earned from putting it in the bank.

If that "small" amount of interest isn't important to you and you can deal without it... well... give me $20. I'll find a good use for it.

 

[theflyingpig]

I don't know how to do what you have asked. I am sorry.

 

[TerryMathews]

I would think, assuming a person is fiscally responsible, the best thing to do is to set yourself up so that you owe the government the maximum allowed without incurring a penalty. The logic being, the gov't is extending you a 0% loan instead of the other way around.