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Tax question for upcoming year?


Forum: Financial Planning and Budgeting

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  #1  
February 8th, 2010, 10:12 PM
Mega Super Mommy
Join Date: Jan 2007
Location: Portland, OR
Posts: 3,120
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How much do you claim during the year to have withheld on your taxes? I always have claimed 1 to make sure we didn't have to pay at tax time, but now we're getting pretty big returns, and we've been much more responsible about putting any surplus monthly income towards debt and savings.
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  #2  
February 16th, 2010, 08:30 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
I claim single 0 and DH claims Single 1

we are getting a huge refund
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  #3  
February 16th, 2010, 10:08 PM
meddleman's Avatar Loving my girls!!!!
Join Date: Nov 2009
Posts: 3,063
DH claims 1. I do some consulting on the side, but as independent contractor, so I pay taxes at the end of the year (not a lot though)

We get a decent refund (a few thousand dollars) but it all goes to savings each year (we don't have any debt, if we did we would put it towards that first)

Some people like claiming higher so they get more money in their paychecks, but personally I like getting a large sum at tax-time and not having to worry about owing anything!
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  #4  
February 21st, 2010, 05:23 PM
Platinum Supermommy
Join Date: Sep 2007
Location: Gulf Coast
Posts: 11,402
DH claims at the married rate with 3 exemptions. I'm big into not giving Uncle Sam an interest free loan. DH pays very little in taxes as he does not have a lot of taxable income but we get back all of he little bit that he pays in at tax time. Ideally, he would try to break even, but I don't even know if it's allowed to claim more exemptions than you actually have, so I feel that he's maxed out and are paying as little as he possibly can.
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