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What to claim on taxes

I have been trying to plan out some financial decisions for next year with a new job and a general idea of how much I will be paid, and have been trying to understand if claiming 1 or 0 in the future will be worth it and how much of a difference it would make? Ideally understanding how to bring my net taxes to near 0 while taking home as much as possible per month.

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Accepted Solutions
rjs
Level 15
Level 15

What to claim on taxes

The new W-4 form doesn't use allowances anymore, so you no longer claim 0 or 1 or any other number of allowances. The new form works differently. Use the IRS Tax Withholding Estimator at the link that Critter-3 posted above to figure out what to put on your W-4 form. It will show you how to adjust your withholding to get the approximate refund amount that you want.

 

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3 Replies

What to claim on taxes

What to claim on taxes

The W-4 form which you fill out for your employer is designed to withhold the proper amount of tax. 

rjs
Level 15
Level 15

What to claim on taxes

The new W-4 form doesn't use allowances anymore, so you no longer claim 0 or 1 or any other number of allowances. The new form works differently. Use the IRS Tax Withholding Estimator at the link that Critter-3 posted above to figure out what to put on your W-4 form. It will show you how to adjust your withholding to get the approximate refund amount that you want.

 

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