W-4 Dependents Adjustment

rainbowwillow · June 2014

Anyone else adjust their feeder and state tax forms yet to account for our new little tax deductions?

Rach604 · June 2014

Ditto. Last year we owed on our taxes and it sucked. Not adjusting my withholding and hoping for a refund this year.

caballablanca · June 2014

We owed last year as well so hoping to break even now.

pmpkn219 · June 2014

We were within $20 both state and Fed this past year, so I think we're keeping things as is. We like to break just about even, no big govt loan, and no big bill in the spring either!

rainbowwillow · June 2014

I'm going to change my deductions. My situation is different, ML and I live together but we're not married. So going to add baby and file Head of Household.

shaylagirl · June 2014

I'm not currently planning on adjusting mine. We owed last year; but next year we'll have 3 kids instead of just just my son (H and his ex-wife alternate years to claim SS, and last year was her year). Hoping we get a little bit back. I hate getting a big refund, and don't understand when people get all excited to get thousands back in a refund.

I always enjoy pointing out to them; "You just gave the federal government an interest free LOAN that they earned money on, and you missed out earning money on." It's not rocket science. It's your damn money, don't you want to keep it and use it? Sheesh.

BlckRoses · June 2014

I wanted to change ours, but DH and I couldn't agree on what to change it to. Currently we both claim 0 and then have to add an extra dollar amount so we don't owe. Last year we had our first full year on the house and ended up getting a refund. I wanted to change it so that we don't loan the government our money and instead have it throughout the year. We both did some calculators online and got drastically different numbers. We're going to see what happens this year and adjust it for next year.

I did make an appointment to go see an accountant, but he wanted to charge like $400 to tell me what to put on our taxes. I may go somewhere to have them do my 2014 tax return and then have them tell me what to change it to for 2015, at least then I'd get my $400 worth.

enigmasara · June 2014

I understand your point completely @shaylagirl, but at the same time it's like a bonus check when I get that refund check back. We put money into our savings anyways, but would we put in enough more to balance it out if we tried to break even at the end of the year, probably not. Plus my savings account gives me really shitty interest rates so it's not really earning me any extra.

I also completely agree with what @ginny5683 said. I really don't want to have to owe money in April & by having my withholdings set the way I do, I'm pretty certain that I won't owe anything each year.

shaylagirl · June 2014

My mom is retired IRS, big sis currently works for IRS as does her boyfriend. So, up until we got married last year, I always got money back, because I had my sister comb over my stuff and make sure my withholding was right where it needed to be. But my refund was always due to EIC because I have custody of my son.

Then I got married and my damn husband screwed it up for me.

Marriage Penalty Tax. BOO!!!

This is the first year I've ever owed (we had some stuff we had to pay taxes on that added up fast), and he was counting on his huge donation to his church would help us out. Except he didn't TALK to me or my sister about it beforehand...just went and did it...and I'd have told him not to donate that much, and my sister could have told him that it wouldn't help us out on our taxes. *sigh* Too late now.

For me, when I was single (and even now) I -need- that money in my paycheck to pay bills, etc. And, what we owe is really fairly minimal in the grand scheme this year, so we're just going to do payments on it and see how next year shakes out.

I suspect next year we'll be a-okay, and I don't really see us needing to adjust our withholding. Mostly what makes my mind boggle is people who get literally thousands back and are excited about it. No big deal if you're getting just a couple hundred back, means you're probably about where you need to be, but those $3k or $5k refund checks? THAT is what makes me go "What?!"

Third&goal · June 2014

shaylagirl said:

I suspect next year we'll be a-okay, and I don't really see us needing to adjust our withholding. Mostly what makes my mind boggle is people who get literally thousands back and are excited about it. No big deal if you're getting just a couple hundred back, means you're probably about where you need to be, but those $3k or $5k refund checks? THAT is what makes me go "What?!"

I agree, the only time we got a lot back was the year we bought our house (when there was the first time homebuyer credit) and when we had my husbands business.

Now we pretty much break even but still won't adjust anything until we know more. Even if we do get some back this year for not adjusting, I'd rather be safe.

torooji · June 2014

I'm not yet. We prefer to break even and were pretty good at it in the past... but then last year our income changed significantly and we got some one-time income since I accepted a job that came with a signing bonus and relocation. We were owed a whole lot more than we like to loan the gov't, but since the year was such an anomaly for us it was impossible to use it to predict what this year would be like. Now this year I'm getting the remainder of my signing bonus and we're having a baby, so there will be more changes. For now we'll just leave it as is until things hopefully stabilize a bit for us next year.

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