Financial advice

[Jones]

Was just on the IRS website,if you are trying to update your w4 you can no longer claim withholding allowances. This is new law. I originally claimed 1 on my w4 when I started at ups. That will hold as it is “grandfathered in” . So looks like I’m stuck.

Dude if you can't figure out what you need to do from all the replies you've already gotten, then you need to go see a tax pro and have them walk you through it.

 

[zubenelgenubi]

It looks like it's just not as simple as putting in a number. You can still change your withholdings.

 

[olroadbeech]

Was just on the IRS website,if you are trying to update your w4 you can no longer claim withholding allowances. This is new law. I originally claimed 1 on my w4 when I started at ups. That will hold as it is “grandfathered in” . So looks like I’m stuck.

not true.

 

[rod]

One word, Bitcoin.

two words


NO BITCOIN

 

[Alamo Joe]

not true.

Well,when I go to the IRS website and pull up the new W4 form there are no options for allowances except the 2000 dollar credit for children under 17. 500 credit for other dependents and that’s it.

 

[olroadbeech]

Well,when I go to the IRS website and pull up the new W4 form there are no options for allowances except the 2000 dollar credit for children under 17. 500 credit for other dependents and that’s it.

like posted before . you need to talk to a pro if you can't figure this out.it is so simple.

 

[Brownslave688]

IRS has a free hotline where you can ask questions like this. We used to claim ourselves and each child and our refund would be around 2 grand. we used that for vacations. We maxedout the 401k every year and IRA's also.( my spouse does not work so we qualified for max on that as well )

If possible max your 401k or slowly increase % each year since you get a raise each year. You will barely notice a difference. We also added $100 a month toour mortgage payment going towards the principle. I believe we also increased this once the kids had moved out.

Doing that cut our 30 year mortgage to paid off in 17 years saving over $130,000 in mortgage interest. I was able to retire several years earlier ( 58.5) instead of waiting for social security to kick in. well worth it for us.

Everybody's situation is different so keep asking questions to tax people and financial people. We really liked most of Dave Ramsey says on his radio program and books. Mainly cut out all debt and save save save.

good luck.

you added $100 a month to your mortgage and knocked off $130k in interest over 17 years. LMAO


I guess i should not expect math to be a strippers strong suit

 

[Brownslave688]

Dude if you can't figure out what you need to do from all the replies you've already gotten, then you need to go see a tax pro and have them walk you through it.

I am really not trying to be a dick but he has everything in the bright horizon fund 2035. He needs to see some financial pros period.

 

[Alamo Joe]

I am really not trying to be a dick but he has everything in the bright horizon fund 2035. He needs to see some financial pros period.

What’s wrong with that fund?

 

[Alamo Joe]

you added $100 a month to your mortgage and knocked off $130k in interest over 17 years. LMAO


I guess i should not expect math to be a strippers strong suit

I can see knocking off 5 years on a 30 year note.

 

[Brownslave688]

What’s wrong with that fund?

High fees. Too conservative in my opinion. The bright horizon funds are just normally where people stick their money when they don’t have any idea what they’re doing.

 

[olroadbeech]

I can see knocking off 5 years on a 30 year note.

we started by adding $100 a month to the principle of our mortgage and then added to that when the kids moved out.( as previously mentioned ) Sometimes we added our Federal tax refund . When all said and done we knocked off almost 13 years of payments.

it was a great feeling and weight lifted off of us when we received that paperwork that the mortgage was paid off. It really wasn't much of a sacrifice doing it. Our yearly UPS raises were added and we never missed the extra money.

you should speak with a live tax person ( no websites or automated calls ) to get free advice on changing your exemptions if that is what you want to do. I can't see why HR or payroll can't help you with this.

 

[Pizza]

For the past few years I’ve been getting back about $3600-$4000 from the government for my income tax return. I think I want to change things up and keep that money before hand.I am a full-time driver married and my wife is a stay at home mom I have two children one is just starting college still living at home and the other one is in middle school. What should I claim So I am close to breaking even without having to pay the IRS? I figure that 300 extra dollars a month could be put towards my 401(k). I put a little bit in it from time to time but I don’t regularly commit to that and I know I should.Right now I am set up in the bright horizon 2035 fund. I have just a little over 18 years with the company.

On step 3 on the W4 over claim on dependents. Enter $6000 or more. This will result in having no or very little withheld.

Next figure out what your actually tax is. You can use this years return as an close estimate.

Divide what you will owe by the remaining pay periods this year and enter at step 4c extra withholding.

 

[DOK]

I’m not putting my kids through college. My son is paying his own way. Getting my house paid off won’t be happening anytime soon. We aren’t big spenders to be honest. I actually drive a 2002 truck. We don’t live in a big house. Everyone has different financial issues. Unfortunately we use to have a lot of medical debt but that is cleared up now. I was just wanting to know what some here may suggest I should claim to get more money back weekly instead of a return check at the end of the year.

On upsers there’s now a form you have to fill out in order to change your w-4, it’s not like it used to be where you could just change your marital status or number of dependents at will.