Financial advice

Alamo Joe

Well-Known Member
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.
 

Jkloc420

Do you need an air compressor or tire gauge
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.
@IVE GOTTA PACKAGE 4U help him
 
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.
How many years until you retire?
 

rod

Retired 22 years
Get your house and credit cards paid off and see a financial adviser. Talk to your co workers - they can probably recommend a good one. In all honesty you should have had a better plan years ago. Putting two kids through college could be the deal breaker on an early retirement. You won't get any breaks financially being you work for UPS. Good luck.
 

Alamo Joe

Well-Known Member
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.
 

PT Crazy

Well-Known Member
Find the federal payroll tax deduction tables online. The same for state. You can pinpoint that way....based on your weekly average pay.
 

browndevil

Well-Known Member
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.
Are you currently claiming 0 State and 0 Federal? For me, each number of withholding I claimed added about $17-$22 a week.
 

zubenelgenubi

I'm a star
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.

Find a W-4 form online, it will have the equation to figure out you exemptions, but simply put, 1 exemption for each member of the household, as long as you can still claim your kids as dependents. I'm in a pretty similar situation to yours, a little younger, but I claim 4, and the only reason I get money back is the child tax credit. You can claim more exemptions if you think the credit will cover what you would owe at the end of the year.
 

olroadbeech

Happy Verified UPSer
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.
 
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.
Better help your kids out with college or they will live in your basement forever

Pay now or pay later
 

Alamo Joe

Well-Known Member
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.
 

zubenelgenubi

I'm a star
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.

ORLY?

Tax Withholding Estimator | Internal Revenue Service

From the link:

"Use your results from the Tax Withholding Estimator to help you complete a new Form W-4, Employee's Withholding Certificate, and submit the completed Form W-4 to your employer as soon as possible. Withholding takes place throughout the year, so it’s better to take this step as soon as possible.

Many employers have an automated system for submitting an employee's changes for Form W-4. Please be sure to check with your employer to see if they have this option available.

If you receive pension income, you can use the results from the estimator to complete a Form W-4P (PDF) and give it to your payer."
 
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