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4 Answers

What is the maximum number of allowances I can claim on my W4?

Asked by: jmlcpl 1943 views YA Discussion

I am a recent college graduate and just got employed. I would like to know What is the maximum number of allowances I can claim on my W4? I have about $ 35000 in student loans. Can this be accounted in the allowance? If so how?
Bobbie: I just dont get everything you said. Go learn some writinng skills. U did not have any period in your reply.

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4 Answers



  1. Bobbie on Apr 11, 2012 Reply

    You really should be very careful with the way that you do fill out your W-4 form so that you do NOT end up under withholding your INCOME taxes during the tax year and END having to make a sizable payment during the next tax filing season for the 2012 1040 income tax return that you would fill out and file during the 2013 tax filing season.
    NO way would the dollar amount of your student loans come into the calculations for this purpose and time in your life.
    Only the interest amount that will be paid during each tax year might work out as an adjustment to your income on the page 1 of the 1040 tax return for the tax year that the amount of interest is paid.
    Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances and then it they should withhold any amount of $ $ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the 2012 income tax filing season and you receive your W-2 form from your employer around the middle of January 2012 and if you have a $ $ amount in the Box 2 for FIT you will get a credit for that $ $ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing.
    Hope that you find the above enclosed information useful. 04/10/2012

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  2. the kid on Apr 11, 2012 Reply

    You can claim up to 99 I think. However, you as a single person should claim no more than single 1.

    Student loans have nothing to do with your W4.

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  3. Wayne Z on Apr 11, 2012 Reply

    Probably 2

    Student loan payments are not deductible. Only the interest paid is deductible and only the first $ 2500.

    Deducting student loan interest is definitely allowed but it doesn’t usually make a huge difference.

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  4. Quick Answers on Apr 11, 2012 Reply

    While your goal to minimize your refund is admirable, you can’t just pick 99 and put it on the form.

    The IRS offers a withholding calculator which you can use to get recommendations for the rest of the year.

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