Seth Breidbart wrote:
- quote -

I think she meant he owned a house he was renting out (at a
tax loss).

Phoebe

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Nan Eklund <naneklund[at]aol.com> wrote:

- quote -

Why would rental matter? An expensive owned house, with
mortgage and real estate taxes, would lead to higher
deductions.

- quote -

I'm claiming something like 16 now (mortgage points, real
estate taxes, and state income tax).

Seth

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Once had a client claim 20 (single, no kids, but a very
expensive rental and a lot of employee business expenses).
IRS questioned it; we worked out their questionairre; he
could legitimately have claimed 16 to bring his withholding
to exactly his tax.

IRS accepted our explanation but told him to drop a few in
the future. I still wish he had asked me first.

Nan, EA in LA

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Your Weinstein wrote:

- quote -

It is ok if you are entitled to that number of exemptions.
Your employer is required to send a copy of any W-4s with
more than 10 exemptions claimed to the IRS.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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"Yuri Weinstein" <yuriw[at]hotmail.com> wrote:

- quote -

ONLY if you have 10-13 exemptions and dependents...

Missy Doyle

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"Yuri Weinstein" <yuriw[at]hotmail.com> wrote:

- quote -

The W-4 is an *estimating* tool for determining the proper
number of *allowance* to claim. The number claimed is based
both on your actual exemptions AND the itemized deductions
or adjustments you expect to be able to claim on your tax
return. If you are claiming a large number, merely to reduce
your withholding to zwro (or a low number), you might have
underwithholding penalties if you do not have enough
withheld during the year.

In addition, if you claim 10 or more allowances, the
employer will likely send your W-4 form to the IRS for
review. Then you may have to answer their questions and
explain your actions to them.

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Hello,

I am just wondering if I write like 10-13 number of
allowances in W-4 is it OK or I am laying and might be
liable for it?

Thanks in advance

YuriW

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