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Trying to do our w-4, and have a question about claiming all our exemptions.

Normally we claim 0 all year so we get that nice fat check at the end of the year. But I'm taking some ladies advice to heart about keeping our money instead of loaning it to the IRS.
But I'm nervous! So, this year we made 25000, paid in 2024 in federal taxes, and got back 9101.
So.....if I don't pay in our federal taxes (claim 4 on our w-4) how will this affect next year? Will I end up OWING? Will we still get our credits, and still get a refund?
Help a girl out, I'm trying to do things right here!

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Anonymous

Asked by Anonymous at 9:53 AM on Jan. 22, 2010 in Money & Work

Answers (4)
  • You'll still get a refund based on your very low income and family size. EIC is a form of welfare. You can get back morethan you pay in. In fact, 40% of the US pay no tax at all.
    IamPatSajak

    Answer by IamPatSajak at 10:06 AM on Jan. 22, 2010

  • lol-thanks for pointing out my 'very low income' : )
    I guess that's what confuses me, why we get more back than we pay in anyway, and then wondering if they would give us money if we paid nothing in?
    Anonymous

    Answer by Anonymous at 10:08 AM on Jan. 22, 2010

  • why would you want to let the government use your money tax free? additionally, there are penalties for overpayment, just like there are for underpayment.

    Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 10:18 AM on Jan. 22, 2010

  • On the IRS web site there is a form you can fill out that will tell you exactly what you should put down on your W4
    crazymom21

    Answer by crazymom21 at 12:37 AM on Jan. 25, 2010

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