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d2503
New Member

This year, I got a large federal refund. I am looking to reduce my Federal Tax deductions per paycheck so I can break even. BUT, re: my W-4, I can only claim 2 exemptions

I am currently single with only one job. Do I just bite the bullet every month and expect a large refund in February? What are my potential options here? Thanks in advance!
1 Reply
DDollar
Level 7

This year, I got a large federal refund. I am looking to reduce my Federal Tax deductions per paycheck so I can break even. BUT, re: my W-4, I can only claim 2 exemptions

It sounds like you want to have less tax withheld. The more allowances you claim on Form W-4, the less income tax your employer will withhold. You will have the most tax withheld if you claim “0” allowances.  Click the following link to go to the IRS interactive withholding calculator where you can determine the number of allowances to claim and complete a new W-4 if necessary: IRS Withholding Calculator


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