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Category: Tax
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Experience:  have done my own taxes for 20 years
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How many allowances should I claim on my w4

Customer Question

I have 1 Child (10 months), My spouse doesn't work. I make 100,000 a year in the state of Texas, city of Dallas. Plus I pay 12,000 in property tax per year, and $1500 per month in home mortgage interest.
Submitted: 11 years ago.
Category: Tax
Expert:  marty replied 11 years ago.


Claim three deductions. Yourself, your spouse and your child.


Customer: replied 11 years ago.
Reply to marty's Post: I want to better clarify, how many deductions should I claim to get more money in my pocket and keep my yearly tax refund close to 0.
Expert:  marty replied 11 years ago.


Did you make the same amount last year(approximately)?

If so, and you got a return, you could up the deductions. I would probaly start by inceasing it by one, to
be on the safe side. The other "theory" is to increase it more to get
more "money in your pocket", but to set that money aside in an intrest
bearing account (something "liquid", so you have easy access) The money
is now in YOUR control and earning intrest, something the IRS does NOT
do !! At the end of the year (April 15) you can draw out what you need
to cover your taxes. If you have a "ROTH" set up for your child a
portion could be put in to further reduce your tax liability.

Not knowing your entire
financial situation puts me at a disadvantage, so I would suggest
talking with the bookeeper at work. They could give you some quick
scenarios in order for you decide which one looks best for you.

Best Wishes !!

 





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