Question

I have a question, so many people say "if you get a refund you xyz" so as someone who gets a refund HOW do I edit my deductions to not get a refund?! I claim 3 or 4. If I go more than that I wouldnt have any taxes taken out. & it only adds an extra $50/paycheck. Which doesnt equate to what I get back in Feb. ($10K)

Answer 1

The 2020 w4 is actually a $$ calculation now, and not just claiming a 0, 1, 2. etc.  

Comments

Maybe I'm a nerd, but it's actually pretty cool lol

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@dub okay. So I’m not a fan, so far and maybe it’s because I don’t understand lol! I was saying 2000$ but NO federal taxes were being withheld (only state) I changed it to $0 (cause that’s what a co worker said to do if I wanted to get a refund) but they still won’t take taxes out correct? I’m so lost on this new tax law and w4 form!  

Answer 2

I’ve always claimed one or zero.  

Answer 3

This should help.  
https://www.irs.gov/individuals/tax...mator

Answer 4

Depending on how many kids and your income, your return can be more than if you don’t deduct at all. I make $75, 000, but our taxable income was $48, 000. I have 3 kids. I had $7, 000 withheld and am getting $9, 000 back.