MetaChat - AskMeCha - Tax withholding

MetaChat is an informal place for MeFites to touch base and post, discuss and chatter about topics that may not belong on MetaFilter. Questions? Check the FAQ. Please note: This is important.

28 February 2007

AskMeCha - Tax withholding →[More:]If my goal is to increase the amount of my refund for next year, married filing singly, would it be better for me to indicate the married withholding rate on my W-4, or married but withholding at single rate?

post by: tr33hggr at: 08:32 | 6 comments

Married but withholding at the higher single rate.

posted by rainbaby 28 February | 08:33

Wow, thanks! I'm a financial idiot.

posted by tr33hggr 28 February | 08:47

Why do you want the government to hold your money rather than a bank?

posted by netbros 28 February | 09:22

netbros, I don't, but I owe a large (large) amount of back-tax, so the more my refund, the less I'll owe. Or at least that makes sense to me. If I get it, I'll spend it.

posted by tr33hggr 28 February | 09:27

Well get fill out a new W-4 and just put yourself as an exemption. Of, if you can afford it, no exemptions. You can always fill out new ones if you can't live on that paycheck.

posted by danf 28 February | 10:56

It might make more sense to withhold at the lower married rate and use the extra money from your paycheck to periodically pay the IRS against your back tax. That way, the amount of money that's accruing penalties gets smaller and smaller as the year goes by.

posted by ikkyu2 28 February | 12:58

← MeFi on PBS for a half-second... || Ghost Rider? →

HOME || REGISTER || LOGIN