I have found that Married - 0 is roughly equivalent to
Single - 6. I use this to fine tune the withholding of a
married couple where both work or there are two jobs
involved. The larger wage earner claims Married - 0 and the
other income uses Single and enough exemptions to get close
to breaking even.

Linda Dorfmont E.A., CFP, CSA

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

taxxcpa wrote:
- quote -

I think you have this backwards. If he decreases exemptions,
he INCREASES withholding, leading to a LARGER refund.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"A.G. Kalman" <agkdisposable-...[at]yahoo.com> wrote:
- quote -

Am I missing somthing? By decreasing amount withheld aren't
you reducing the excess over taxes (i.e. getting a SMALLER
refund)? Isn't that the OP's goal?

- quote -

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

A.G. Kalman wrote:
- quote -

He must mean he wants to DECREASE the exemptions so he can
reduce the refund.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

wrldruler wrote:

- quote -

Without knowing each of your income, and total income on
your form 1040 for 2006, it's really hard to say. But as a
general rule of thumb, I would say that as long as y'all's
total income is less than 60,000$ for the year, you can't go
wrong claiming M-1 apiece. Just a rule of thumb, mind
you. Best to scrutinize a W4 form very closely and work it
out.

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

wrldruler wrote:

- quote -

If your refund was "too large" why would you want to
decrease the amount withheld?

You can find the withholding tables for 2007 in IRS Pub 15,
Employers Tax Guide.
http://www.irs.gov/pub/irs-pdf/p15.pdf

Or... you can use the IRS withholding calculator at:
http://www.irs.gov/individuals/artic...=96196,00.html

--
Alan
http://taxtopics.net

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

My wife and I are currently set up as follows on our W-4s:

Wife: Single 0
Me: Single 4

Our refund was "too large" this year and I'd like to
decrease our withholdings (increase our allowances).

What will happen if we both check married on our W-4? Is
that the equivalent of 2 more allowances?

Thanks,

Chris

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >