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How much tax refund is too much?
I am not willing to give uncle a free loan, I believe it is better to invest the money through the year than paying extra taxes and get it back at the end of the year with zero interest. But the question is, since it is never going to be exactly $0.00 in tax refunds, no matter how I tried to adjust my W4, how much will be considered a reasonable amount, and how much is considered (too much)?
I am not willing, in the same time, to see that I owe the IRS any money when i file my taxes, so I would like to see a positive returns instead. But not that much to loose an investment opportunity.
how much do you think I should try to aim at, through adjusting the W4? Can you share your personal amount?
3 Answers
- Anonymous6 years agoFavorite Answer
You are free to submit an amended W4 to your employer as often as you wish, so if you review your "Gross Pay to date" each month or each quarter, you can adjust your Withholdings up or down to compensate...
I have a goal of a refund of $100-$200 at most....I HATE the idea of having to write an additional check, so I don't mind making the IRS a small loan each year...
- RichardLv 76 years ago
You will have to pay a fine if you did not withhold at least 90% of your tax liability for the last year. There are a few other rules and exceptions that also apply, but I am not going to go into all of that detail.
- BBGLv 76 years ago
No one here can tell you what to put on your W4 so that you pay the exact correct amount of tax.
It's just not that hard to figure it out on your own. You are the one who has access to the numbers. You didn't share any of them here.
