Exemptions

[tdboam]

Is there a limit on the number of exemptions one can claim on his W4? At one time I was told if you claimed 10 or more you had to send something with your return to prove the number. I have a client who makes pretty good money and also gets pretty good refunds. He would like to set his return up so he doesn't have ;to pay but also doesn't get a very large refund. Help. thanks Ted Boam

[taxmandan]

The current rule is that a person can claim as many exemptions on their W-4 as they want. The employer no longer has to submit the W-4 to the IRS for review unless that IRS asks for it. As long as they are getting refunds the IRS is fine with whatever withholding occurs. If they have a large balance due on filing a return, the IRS will direct the employer as to how much to withhold to minimize the balance due on future returns.

Often the problem is with the payroll office of the employer, they aren't up to date on the rules and will try to dictate to the employee what they can claim.

[Uncle Sam]

"The problem with quotes on the Internet is that it is often difficult to verify their authenticity." - Abraham Lincoln

Unless there's a current tax practititioner by that name, I don't believe a U. S. President
from the late 1800's would have known about the Internet.

[S T]

Withholding Compliance

from IRS website posting Q&A http://www.irs.gov/individuals/artic...139412,00.html

Sandy

[Y2KEA]

"The problem with quotes on the Internet is that it is often difficult to verify their authenticity." - Abraham Lincoln

Unless there's a current tax practititioner by that name, I don't believe a U. S. President
from the late 1800's would have known about the Internet.

"Able was I ere I saw the internet" - Napolean

I know this is true. I saw it on the innerweb someplace.
Y2KEA

[taxxcpa]

"The problem with quotes on the Internet is that it is often difficult to verify their authenticity." - Abraham Lincoln

Unless there's a current tax practititioner by that name, I don't believe a U. S. President
from the late 1800's would have known about the Internet.

Honest Abe invented the internet, contrary to what Al Gore claims.

[Bees Knees]

"The problem with quotes on the Internet is that it is often difficult to verify their authenticity." - Abraham Lincoln

Unless there's a current tax practititioner by that name, I don't believe a U. S. President
from the late 1800's would have known about the Internet.

That just goes to show the truthfulness of the quote attributed to him, which he could not have said.

[DonPriebe]

That just goes to show the truthfulness of the quote attributed to him, which he could not have said.

I think it was on the wall of his facebook page.

[FEDUKE404]

clarification

I think it was on the wall of his facebook page.

There is certainly no public record of this statement ever having been made!

OTOH, I seem to recall that the message was Tweeted to his friends.....

[JohnH]

Well, even if he didn't say it ( which hasn't been proven to my satisfaction), then as a matter of fact I'm sure it's something he would have said.