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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15032
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a lump sum severance that will total $19,000 coming

Customer Question

I have a lump sum severance that will total $19,000 coming in 3 weeks...I expect to have 28% federal taxes withheld...my w-4 currently has 0 allowances...is there a formula that would help me determine the number of allowances I should claim to keep my refund from going sky high when I file my taxes next year?
JA: I'm trying to find the right Accountant for you right now. As soon as they are ready, I will let you know.
Customer: OK...thanks...I'm looking for the number of allowances that would result in a "wash" so to speak.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: That's my only question...thanks!
Submitted: 9 months ago.
Category: Tax
Expert:  Robin D. replied 9 months ago.

Hello

There is no easy formula for determining that but there is a calculator that will allow you to privately enter your information (even your deductions expected) and then see what allowances should be reported based on your expected tax liability.

https://www.irs.gov/individuals/irs-withholding-calculator

The IRS calculator is offered through the IRS.gov site