LinaJ2020
Expert Alumni

Retirement tax questions

 

Another way to maximize your tax withholding so you would owe the least on your taxes is to adjust your exemption number on the Form W-4 to either "0" or "1" if you claimed a higher number of exemptions in the past.  

 

If you claim a "0", this allows your employer to withhold the highest allowed taxes on your W-2.  With this formula:  Total tax withholdings plus all your entitled credits and deductions MINUS your total taxes due= Total refund.  You then very likely will receive the highest amount of refund. 

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