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19 Withholding Allowances?
I got got done doing the IRS Withholding Calculator (http://www.irs.gov/individuals/article/0,,id=96196,00.html)
It say i should have 19 ALLOWANCES for the rest of this year!!!!!!!!!
I thought this had to be wrong so I filled it out 3 times to make sure i got the information right, and it was the same result 3 times.
I got back about $8000 return for the past 2 years mostly due to mortgage interest. I am scared to input that many allowances but I also don’t like the idea of giving the government an interest free loan i could be investing.
How should I handle this?
It is very possible that you did come out with the proper exemption amount–however, did you include possibly other types of income or, if married, your spouse’s income in the calculation. Also, keep in mind that your employer, by law, needs to forward your W-4 to the IRS because it exceeds the number of exemptions they allow for a taxpayer. The IRS wants to know if you could be not paying your fair share, in your case you probably are. Take care – Good luck – and I hope this helped.
