My husband and I usually use our refund as a savings account but because we made less last year we are owed more in past stimulus and we are tied up in processing. We don’t want to do that anymore. It’s the only thing holding us back from paying off student loans and so this delay is costing us. We went to figure out a new w4 and are quite confused with how it compares to allowances.
I’m a SAHM. He makes 157000 gross including bonuses. We contribute about 9k in retirement and about $2k in student loan interest (hopefully half that this year if we pay them off). Right now he’s claiming only 1. We should be getting a refund of 14463 with a bit of it being look back stimulus. We’d like to get close to break even.
We did the IRS withholding tool but it just says we need to take out $677 less a pay period than we are. Not how to do it.
We have 1 son who is mine and we alternate tax years with bio dad. Next year we get to claim him. 1 son ours together. I’m due with a little girl this October. We should be able to claim 3 dependents next year.
Should we just do the 3 dependents x 2000 and that’s really all? Or would it be best to add some extra in 4b to take out less?
Thank you!
Submitted April 28, 2021 at 06:38AM by ab623 https://ift.tt/2QGT7YJ
