Supah Dupah Savings!!!! - Tilted Forum Project Discussion Community

bigoldalphamale · 10-19-2004, 10:40 AM

can anyone tell me if it is possible to refile your W-2 once you become a homeowner, such that fewer taxes are taken out of your gross takehome every pay period? or is the only way to recognize the tax-savings benefits of interest payments on mortgages to write them off at filing time once a year. somebody told me it is possible to adjust your W-2 for this purpose, instead of waiting for a honking huge refund once a year. please advise....

and mods...i need a quick answer on this, so could at least wait 24 hours to move it to tilted finance? thanks!

NoSoup · 10-19-2004, 10:51 AM

Hey - we in tilted finance try to answer quick

Er... do you mean have less taxes taken out of your check? You should be able to adjust the number of dependants (amount of taxes) anytime throughout the year. I'd contact your Human Resources Person/Department and get the appropriate paperwork...

I'm not a lawyer, but I believe it is legal to put false information for the number of dependants so that you can adjust the amount accordingly, but you certainly have to be accurate when you are filing for the IRS. For example, if you want more taxes taken out, you can put 0 for dependants, if you want very little taxes taken out, you can put 5...

maleficent · 10-19-2004, 11:11 AM

Check with your HR department, but I know in NY, at least a few years ago, it was possible to change the number of dependent's on your W-2 - -at any time you want.

However, once you change it - it stays changed to that until you change it to something else (A few years ago, a friend had changed his to a rather high number, and forgot to change it back) and got hit with owing a ton on their taxes.

bigoldalphamale · 10-19-2004, 11:25 AM

excellent information. Thank you both!!!!

denim · 10-19-2004, 12:14 PM

IIRC, you need to fill out a new W-4.

ratbastid · 10-26-2004, 03:33 PM

You can redo it any time you like. Like if you add a dependent, say.

ShaniFaye · 10-26-2004, 03:37 PM

its a W4 not a W2....a W2 is what you get at the end of the year, also if you're in a state where you have state taxes taken out you might want to adjust your state form as well...cant tell you the form name since I dont know where you are...but for example in GA its called a G4

eribrav · 10-26-2004, 03:45 PM

Another thing to remember in the short term is this: You've already earned the majority of your pay for this year, but you will only pay one or two months mortgage interest for this calendar year. Don't make the adjustment too drastic (essentially recognize that 10/12 of the year is over and you will only make 2/12 of your interest payments in the remaining time of this year, so the deduction on 2004 taxes isn't going to be that huge).

ncgti · 10-27-2004, 01:50 PM

You can refile your W4 at any time to up your deductions. There is an upper limit ~10 deductions that you can take without having to show proof that that the deductions are valid

10-19-2004, 10:40 AM	#1 (permalink)
bigoldalphamale Loser	Supah Dupah Savings!!!! can anyone tell me if it is possible to refile your W-2 once you become a homeowner, such that fewer taxes are taken out of your gross takehome every pay period? or is the only way to recognize the tax-savings benefits of interest payments on mortgages to write them off at filing time once a year. somebody told me it is possible to adjust your W-2 for this purpose, instead of waiting for a honking huge refund once a year. please advise.... and mods...i need a quick answer on this, so could at least wait 24 hours to move it to tilted finance? thanks!

10-19-2004, 10:51 AM	#2 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Hey - we in tilted finance try to answer quick Er... do you mean have less taxes taken out of your check? You should be able to adjust the number of dependants (amount of taxes) anytime throughout the year. I'd contact your Human Resources Person/Department and get the appropriate paperwork... I'm not a lawyer, but I believe it is legal to put false information for the number of dependants so that you can adjust the amount accordingly, but you certainly have to be accurate when you are filing for the IRS. For example, if you want more taxes taken out, you can put 0 for dependants, if you want very little taxes taken out, you can put 5... __________________ I have an aura of reliability and good judgement. Just in case you were wondering... Last edited by NoSoup; 10-19-2004 at 10:54 AM..

10-19-2004, 11:11 AM	#3 (permalink)
maleficent Junkie Moderator Emeritus Location: Chicago	Check with your HR department, but I know in NY, at least a few years ago, it was possible to change the number of dependent's on your W-2 - -at any time you want. However, once you change it - it stays changed to that until you change it to something else (A few years ago, a friend had changed his to a rather high number, and forgot to change it back) and got hit with owing a ton on their taxes. __________________ Free your heart from hatred. Free your mind from worries. Live simply. Give more. Expect less.

10-26-2004, 03:37 PM	#7 (permalink)
ShaniFaye Submit to me, you know you want to Location: Lilburn, Ga	its a W4 not a W2....a W2 is what you get at the end of the year, also if you're in a state where you have state taxes taken out you might want to adjust your state form as well...cant tell you the form name since I dont know where you are...but for example in GA its called a G4 __________________ *I want the diabetic plan that comes with rollover carbs. I dont like the unused one expiring at midnite!!*

10-19-2004, 11:25 AM	#4 (permalink)
bigoldalphamale Loser	excellent information. Thank you both!!!!

10-19-2004, 12:14 PM	#5 (permalink)
denim Banned Location: Massachusetts, USA	IIRC, you need to fill out a new W-4.

10-26-2004, 03:33 PM	#6 (permalink)
ratbastid Darth Papa Location: Yonder	You can redo it any time you like. Like if you add a dependent, say.

10-26-2004, 03:45 PM	#8 (permalink)
eribrav Junkie Location: upstate NY	Another thing to remember in the short term is this: You've already earned the majority of your pay for this year, but you will only pay one or two months mortgage interest for this calendar year. Don't make the adjustment too drastic (essentially recognize that 10/12 of the year is over and you will only make 2/12 of your interest payments in the remaining time of this year, so the deduction on 2004 taxes isn't going to be that huge).

10-27-2004, 01:50 PM	#9 (permalink)
ncgti Tilted Location: the great north state	You can refile your W4 at any time to up your deductions. There is an upper limit ~10 deductions that you can take without having to show proof that that the deductions are valid