FTM's & 2011 Taxes

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Jenni Beth's picture
Joined: 03/03/11
Posts: 1407
FTM's & 2011 Taxes

I'm talking to my HR person tomorrow about updating my W-4 for tax purposes. I found a tool on the IRS website that helped me figure out how to adjust it. Just thought I'd share this with other FTM's incase you wanted to updated your info for your little "tax deduction" when it is time to file next year. Wink

http://www.irs.gov/individuals/article/0,,id=96196,00.html

sweetsriracha's picture
Joined: 03/29/11
Posts: 1318

OR...you could continue to have taxes removed without adding that deduction and get a NICE surprise early next year Biggrin just kidding!

thanks for sharing, Jen!

ashamom27's picture
Joined: 07/06/06
Posts: 1010

That refund comes so handy!!

Joined: 02/20/11
Posts: 865

I don't adjust ever! Except to have 15$ extra taken off every week. I love getting a tax refund every year. In fact with my traps I just got $5000 back yesterday

Jenni Beth's picture
Joined: 03/03/11
Posts: 1407

I'm already at single and 0 so I get the max taken out of my check but now I want to have a little less taken out since I have to meet a deductible for my insurance.

kmm123's picture
Joined: 12/13/08
Posts: 1839

Ohh I hate getting a tax return! I don't want to owe but I want to be able to make interest on my own money not let the gov't hang out with it all year!! I'm a crazy budgeted saver so I see no purpose in not having it in my account haha We try hard to break even but last year got a smallish chunk back. We haven't adjusted for 2 kids but I'm afraid we could swing too far b/c I went back to work and I don't want to owe so we'll leave it for now.

KAYMYA's picture
Joined: 09/18/07
Posts: 230

i love my tax return!! i am a horibble saver so its nice having a little extra money ..

Joined: 11/01/07
Posts: 650

Another thing for FTMs that you may want to look into if you are using child care if you are going back to work is the Flexible Spending/Dependent Care Accts. There is a 5000 max. It is pretax dollars. Comes in handy for alot of working Moms. I think the limit will do down in 2014 with the new Health Care Reform in the US. But with the budget issues and debt ceiling who knows what will happen.

Starryblue702's picture
Joined: 04/06/11
Posts: 5454

I claim 3, as I like getting bigger paychecks throughout the year. I usually end up with pretty good refunds anyway... thanks for the link though!