RSTEFAN Posted December 3, 2015 Report Share Posted December 3, 2015 i had a friend tell me how he is taking more money home by adjusting your withholdings - this part was obvious to me this man is single - he changed his withholdings from single and claiming 0 to claiming 2 withholdings but what he is doing next is giving $10.00 for each withholding to the fed. on his w-4 form ? i have not looked at a w-4 form in a while so i don't know if there is a stop to put this info in. he said he get interest on the money he gave the fed, and at the end of the year that offsets his taxes owed? I have never heard of this? is this just a waste of time to do - him being delusional or is he on to something ? i could not find anything on this so i thought i would ask someone in the know? i am usually not one the web that often maybe every couple of days Thank you in advance bob Link to comment Share on other sites More sharing options...
dogsutra Posted December 3, 2015 Report Share Posted December 3, 2015 single and zero is the recommended for single person making about over 25,000.00. they might adjust and have more take home pay during the year, but it will catch up when they do their taxes. 1 Link to comment Share on other sites More sharing options...
jeepguy Posted December 3, 2015 Report Share Posted December 3, 2015 mmmm, this sounds kind of what I did when I was single and made a little money , but was still kind of also broke ! and usually owed at end of year , owed a hundred or so , so I just adjusted the amount taken out in the federal withholding , if the with holding is " say around 75.oo from your gross pay , bump it up too 100.oo even ... and you get money back at end of year { but ---- the fed isn`t too keen on this idea , they seem too think you are using them as a bank not the other way around , them using us as a bank 1 Link to comment Share on other sites More sharing options...
RSTEFAN Posted December 3, 2015 Author Report Share Posted December 3, 2015 Thank you all for the response, i just wanted to make sure he wasn't going to get himself in a bind bob Link to comment Share on other sites More sharing options...
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