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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1015
Experience:  Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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I want to re-do my W-4. I got a new job this year and I think

Customer Question

I want to re-do my W-4. I got a new job this year and I think too much is being withheld. I would like to know exactly how to fill it out so that my refund is small (less than $500). I used the IRS's Withholding Calculator and it said that my estimated refund is over $6K! Here's my info:

I live in PA. Gross annual salary of $72K. Single, no dependents, no one can claim me as a dependent. No alimony or other income other than my salary and a $750 bonus (that was taxed). Education loan interest: $2500. I'm paid twice a month. Contribute 8% to a 401(k). Can you advise?
Submitted: 11 months ago.
Category: Tax
Expert:  Barbara replied 11 months ago.

Welcome. My name is XXXXX XXXXX it will be my pleasure to assist you with your tax question today.

 

Please tell me the year-to-date federal tax amount that has been withheld this year as well as the withholding amount from your last paycheck.

 

I need this information to advise you accurately on how to fill out your W-4.

 

Thank you.

 

Barb

Customer: replied 11 months ago.
484.28 was withheld from my last paycheck. I'm paid twice a month. 8904.14 year to date federal tax amount withheld.
Expert:  Barbara replied 11 months ago.

Okay, Kara.

 

Give me a moment and I'll be right back with you.

 

Barb

Expert:  Barbara replied 11 months ago.

Kara,

 

Based on the information you have given me, the IRS Withholding Calculator results are as follows:

 

For 2013 your tax liability will be $9,548. If you do not change your current withholding arrangement, you will have $12,292 withheld for 2013 resulting in an overpayment of $2,744 when you file your return. If you want your withholding to more closely match your anticipated tax, adjust your withholding on a new Form W-4 as follows:

  • For the only job you entered (which has a projected salary of $72,000): 11 allowances.
  • Check the "Single" box on your Form W-4

Assuming this recommendation is in effect for the rest of 2013 your expected refund should be about $150. Following this recommendation will ensure that the amount withheld from your wages will cover all of your projected tax liability while minimizing your refund.

 

Please let me know if you need further information or clarification.

 

Thank you.

 

Barb

Customer: replied 11 months ago.
I've read that claiming so many allowances is a red flag; is this true? It seems like you just ran this through the IRS calculator.
Expert:  Barbara replied 11 months ago.

I did utilize the IRS calculator with the information you gave me, and it is the advice provided based on that information. If you want to minimize the amount withheld from your paychecks but receive less of a refund when you file your taxes, you would claim a higher allowance amount. If you prefer to receive almost $3,000 as a refund, you can leave your allowance as it is.

 

Barb

Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1015
Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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