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Question about paycheck and what you claim?
My husband always claimed Single 0. We have 3 kids and I don't work. We did it so we get the max amount back at the end of the year. Right now we need the money in the check, but we do not want to lose a tax return. What is a safe middle ground for him to claim?
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Posted 7/29/17 9:30 AM  |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Question about paycheck and what you claim?
i always claim 1 and get a refund, but alot of my friends do better than us and I never know why. i think i need someone else to do our taxes next year lol... some friends that are married without children did better than we did with a child as a dependent. they claim 1 as well, and both have similar paying jobs. I just don't get it and can't wrap my head around it
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| Posted 7/29/17 9:37 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Question about paycheck and what you claim?
So, I am a SAHM for 3 years now. My husband is a cpa so before I quit my job he sat down and figured out the max he can claim that won't hurt us come tax time. I don't care if we get nothing back but obviously we don't want to owe anything. I believe he claims married 11 or 12 and every year we have gotten money back. Not tons but we haven't owed. Or we've owed something very small on one half and got more money back on the other half. Maybe talk to your accountant, or if you have an accountant friend that can help you figure out what would be safe for you to claim without getting screwed come tax time.
Message edited 7/29/2017 9:48:27 AM.
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| Posted 7/29/17 9:48 AM |
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Question about paycheck and what you claim?
We both claim married 0 and always got like $1200-$1500 back. This is the first year with the twins so I would imagine we will get more back. Who knows!
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| Posted 7/29/17 10:10 AM |
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Question about paycheck and what you claim?
Thanks guys. We've consistently have been getting back about 7k. I do not want to lose that, lol. It's like a savings account. But right now, we could use the money each week.
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| Posted 7/29/17 10:13 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Question about paycheck and what you claim?
Run the calculator on the IRS website. It will tell you what to claim to be exempt and then you can go from there. More money in your check will of course lower your refund.
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| Posted 7/29/17 10:44 AM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by myboysmyheart
Thanks guys. We've consistently have been getting back about 7k. I do not want to lose that, lol. It's like a savings account. But right now, we could use the money each week.
You are either going to get it in your paycheck or in a refund. You won't lose it...
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| Posted 7/29/17 12:03 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by myboysmyheart
Thanks guys. We've consistently have been getting back about 7k. I do not want to lose that, lol. It's like a savings account. But right now, we could use the money each week.
wow 7k? that's great! we normally get like $1500-2000 back, but it still seems like we should be getting more with a baby and everything. We didn't quality for the child tax credit because of our income though :(
ETA: I went back through mine and dh's records, and he actually claims 0. I claim 1. So i feel like we should get more than what we get, but i don't really understand any of the logistics
Message edited 7/29/2017 4:08:11 PM.
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| Posted 7/29/17 4:01 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Question about paycheck and what you claim?
There are so many factors. You can't really compare your tax situation to anyone elses. You have to ask your accountant to do some tax planning with you. As long as your accountant is competent, you're getting the max back. There are no tricks, just fraud lol.
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| Posted 7/30/17 10:20 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by bunnyluck
There are so many factors. You can't really compare your tax situation to anyone elses. You have to ask your accountant to do some tax planning with you. As long as your accountant is competent, you're getting the max back. There are no tricks, just fraud lol.
This.
Without knowing more about what deductions you take, for example, there's no way to know how to better balance your taxes.
In reality, your goal should be to get as close to $0 refund/taxes owed at the end of the year - a sort of "balanced" budget. If you're getting a huge refund at the end of the year, then you are overpaying taxes the entire year.
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| Posted 7/31/17 8:38 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Question about paycheck and what you claim?
Posted by NYCGirl80
Posted by bunnyluck
There are so many factors. You can't really compare your tax situation to anyone elses. You have to ask your accountant to do some tax planning with you. As long as your accountant is competent, you're getting the max back. There are no tricks, just fraud lol.
This.
Without knowing more about what deductions you take, for example, there's no way to know how to better balance your taxes.
In reality, your goal should be to get as close to $0 refund/taxes owed at the end of the year - a sort of "balanced" budget. If you're getting a huge refund at the end of the year, then you are overpaying taxes the entire year.
All of this. The ideal "refund" is $0. Otherwise the government is holding too much of your money that you could be investing and earning interest on etc.
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| Posted 7/31/17 8:53 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by mommy2be716
Posted by myboysmyheart
Thanks guys. We've consistently have been getting back about 7k. I do not want to lose that, lol. It's like a savings account. But right now, we could use the money each week.
wow 7k? that's great! we normally get like $1500-2000 back, but it still seems like we should be getting more with a baby and everything. We didn't quality for the child tax credit because of our income though :(
ETA: I went back through mine and dh's records, and he actually claims 0. I claim 1. So i feel like we should get more than what we get, but i don't really understand any of the logistics
A lot of it also has to do with your home -- do you own or rent? Do you have a mortgage with a high interest rate? Do you pay a ton of taxes on the house? Etc. My home interest rate is rock bottom, I also do not write off any student loan debt, and my taxes are relatively low... so thats why my tax check is lower than someone else making the same money as me, but who has a terrible interest rate, and hefty taxes.
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| Posted 7/31/17 10:40 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Question about paycheck and what you claim?
we have 3 kids, own a home and have 2 incomes. i always claim married and my correct number of dependents. my husband claims married 0. like you, we get a very nice return.
if i were you, i would either use an online calculator or (considering you always get a decent return), make the change now to married with some dependents and see how your return is this coming tax time. you can always switch it back /change it next year after you meet with your accountant.
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| Posted 7/31/17 1:33 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by b2b777
Posted by mommy2be716
Posted by myboysmyheart
Thanks guys. We've consistently have been getting back about 7k. I do not want to lose that, lol. It's like a savings account. But right now, we could use the money each week.
wow 7k? that's great! we normally get like $1500-2000 back, but it still seems like we should be getting more with a baby and everything. We didn't quality for the child tax credit because of our income though :(
ETA: I went back through mine and dh's records, and he actually claims 0. I claim 1. So i feel like we should get more than what we get, but i don't really understand any of the logistics
A lot of it also has to do with your home -- do you own or rent? Do you have a mortgage with a high interest rate? Do you pay a ton of taxes on the house? Etc. My home interest rate is rock bottom, I also do not write off any student loan debt, and my taxes are relatively low... so thats why my tax check is lower than someone else making the same money as me, but who has a terrible interest rate, and hefty taxes.
interesting. Our mortgage rate is just over 4%, no student loans, and taxes are around 9k
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| Posted 7/31/17 1:49 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Question about paycheck and what you claim?
We claim married 0. We usually get a nice return at tax time that we depend on for home improvements or other things that come up.
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| Posted 7/31/17 1:52 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Question about paycheck and what you claim?
I actually prefer to take more in my check and then just put that extra amount into an investment where I can make more interest than the 0% the gov't will give me for keeping my money all year and then giving it back in April.
Just something to consider
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| Posted 7/31/17 2:43 PM |
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newlywedT
LIF Adolescent
Member since 9/11 793 total posts
Name:
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Question about paycheck and what you claim?
I always thought it was better to owe money.
Since thats the same as getting a free loan from the govt.
If you get a refund then you GAVE the govt a free loan.
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| Posted 7/31/17 3:09 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by newlywedT
I always thought it was better to owe money.
Since thats the same as getting a free loan from the govt.
If you get a refund then you GAVE the govt a free loan.
my mom always says this but I am a horrible saver so I rather them have the interest free loan plus I don't want to ever owe them.
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| Posted 7/31/17 3:18 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Question about paycheck and what you claim?
What does everyone consider a nice return.
I don't think you can change what gets claim and get the same amount back that you get now but if you do let me know please.
My and DH claim single 0 and we get a IMO a decent amount back over 7K.
I have no idea how taxes work though and I would love to know. I really don't get how some get back more than me when we make a higher income than them but I know there are lots of factors plus some people I know claim things they shouldn't
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| Posted 7/31/17 3:21 PM |
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muffaboo
LIF Adult
Member since 12/10 3797 total posts
Name:
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Re: Question about paycheck and what you claim?
Posted by NervousNell
I actually prefer to take more in my check and then just put that extra amount into an investment where I can make more interest than the 0% the gov't will give me for keeping my money all year and then giving it back in April.
Just something to consider
ITA. We never get a big refund. This past year we owed a couple hundred on federal but got refund on state so we used the state to pay the federal and ended up with around $150 left as a refund.
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| Posted 7/31/17 3:29 PM |
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Tulip9
LIF Adolescent
Member since 2/14 597 total posts
Name:
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Re: Question about paycheck and what you claim?
we both work - claim 0, have 2 kids, 3 home mortgages and get back around 15K
we will be adjusting so we get more in our paycheck as we need to purchase a car.
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| Posted 8/1/17 3:23 PM |
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