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How many allowances on my W4 should I claim?

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  • How many allowances on my W4 should I claim?

    My fiance and I are planning on getting married next year. I would be projected to make about $250000 gross income with my current and only job while she would make $70000 from her full-time and $15000 from her part-time job. Considering this projected income next year and the fact that we will be married filing jointly with no kids, what would be a safe total number of allowances to claim on our W4's to ensure we owe minimal or close to $0 in taxes for the year? Any advise is greatly appreciated.

  • #2
    Smartasset.com has good calculators for this

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    • #3
      $335,000 in total taxable income, minus $8,100 for two exemptions (one for each, but you might be in the phase-out range)...

      Deductions? Pre-tax retirement contributions? HSA contributions? Mortgage interest and property tax? Charitable donations? These are probably going to be the biggest confounding factor. At that income it's unlikely you'll be using the standard deduction of $12,600.

      I anticipate you might have to claim zero exemptions and have an additional amount withheld since you'll be in the 33% bracket. The IRS's withholding calculator https://www.irs.gov/Individuals/IRS-Withholding-Calculator should be helpful in getting you nearly on the dot.

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