Question

Acheiving that ZERO dollar refund

Forum|Forum|6 years ago
February 19, 2020
1 reply
0 views

Greetings!

I am looking to lower my refund I receive each year and get more out of each paycheck.

I currently claim 4

With a gross of 120k I consistently get back 7-9k.

All the calculators I have tried including the IRS calculator, say I need to lower my tax paid each paycheck by 455 but I only pay 455.48 right now...

Standard Deduction, mortgage interest, student loan(not qualified), 3 dependents, max donations

I would hate to change this and get bitten next year.

Thoughts?

J

JFRAHER

Easiest way take what your refund is this year. Then if you get paid weekly divide by 52. If you get bi-weekly divide by 26. You will, all other things being equal, still end up with a small refund this coming year. However you would not get bit with a tax due the following year.