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Old 02-16-2012, 01:10 PM   #1
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Default Help me with a TAX decision.

As a continuation of this thread:
https://www.miataturbo.net/insert-bs-here-4/your-effective-federal-tax-rate-2011-a-63233/

Everything I talk about in that thread was for my FY2010 taxes. The wife and I got our 2011 stuff done last night... return of $12,200. WTF?

Right now, I claim a deduction of 1-single. I've got a few buddies here at work who say I should be maxing out my claims via my W4. The Navy will let me put as high as a 10. I've done a few online calculators that all say I should be in the 13-15 range to break even.

I'd rather have a little return than owe even a dollar. I know I need to change over to "married", but am wondering how many deductions I can safely take and still not owe.
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Old 02-16-2012, 02:32 PM   #2
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you dont have to change your W4 to married if you dont want to.

I think I'm at single and 8 (I'm married). You could use any combination or a dollar value to get you the right withholding.

Will the navy let you put single and 10? I think the withholding is lower for single than for married, right?
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Old 02-16-2012, 02:41 PM   #3
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No, single withholds at the highest rates.

Have you done the IRS Withholding Calculator on the IRS website?

No one will be able to tell you what to put on your W-4 without knowing your income and full tax situation. Are you getting back more than you pay, meaning you have no tax liability for the year?
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Old 02-16-2012, 02:42 PM   #4
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use the calculators, thats what we do. You dont wanna end up witholding too much, then get the penalty for it come april.
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Old 02-16-2012, 09:22 PM   #5
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^I guess you'd call my financial situation normal.
Married, 2 kids, mortgage on house that we rent to others, fill up 403b and IRA's to max, some business expenses and some charitable donations... typical.

I am not getting back more than I pay... as was my situation last year, we're paying about 8.5%. I know in the other thread that I'm not really sure what I'm saying when I throw out that figure, but basically, I made XX,XXX dollars last year, and after everything is done, I'll have given the gov't 8.5% of it.

I think I'm gonna do what some of my buddies do. They claim a 10 up until the last 2 months of the year, then dial it back to a 1... that way they say they get about $1500 back and never in risk of pwnage.

I've used the calculators and they all say 13 or 14. The military payroll system will only let me claim a max of 10, so I've got a built-in margin already. I can live with that kind of math.
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Old 02-16-2012, 09:26 PM   #6
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Sounds like someone just fell into some more miata money!
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Old 02-18-2012, 09:24 PM   #7
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You really need to run the calculators a couple of times a year if you have any variability in your taxable income or deductions. We end up dialing the deductions up and down based on my variable pay.
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