This is not really a tax question, but it is not really not a tax question either
Each year I seem to get money back from the Feds - this year it looks to be greater than $4,000. I want to change my deductions so this doesn't happen, but the last thing I want is to owe money come tax season.
Last year my deductions for fed were 3 for half the year and 6 for the other half. I own a house and pay around $11,000 mortgage interest annually. I have two children who I file as dependants (they are 4 and 1) and a wife who is a homemaker (has no salary) so I file jointly with her. I have been maxing out 401K, but will be moving the vast majority of that to a ROTH IRA so will get little tax deferral benefit this year. What should I set my fed deductions to this year to minimize tax back, but also ensure I do not owe taxes next year.
Thanks.
Each year I seem to get money back from the Feds - this year it looks to be greater than $4,000. I want to change my deductions so this doesn't happen, but the last thing I want is to owe money come tax season.
Last year my deductions for fed were 3 for half the year and 6 for the other half. I own a house and pay around $11,000 mortgage interest annually. I have two children who I file as dependants (they are 4 and 1) and a wife who is a homemaker (has no salary) so I file jointly with her. I have been maxing out 401K, but will be moving the vast majority of that to a ROTH IRA so will get little tax deferral benefit this year. What should I set my fed deductions to this year to minimize tax back, but also ensure I do not owe taxes next year.
Thanks.