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New attending: how many allowances to claim on W4

Home Personal Finance and Budgeting New attending: how many allowances to claim on W4

  • Avatar jaja123 
    Participant
    Status: Physician
    Posts: 22
    Joined: 02/04/2019

    Started this July. Making ~350 a year. Single, not married. Maxing out on 401k is really only contribution. Living in a high cost of living city with city and state tax. How many allowances a year do you recommend? 1 or 2? More?

    #233374 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1395
    Joined: 03/27/2017

    Did you fill out pages three and four of the 2019 IRS Form W-4?
    https://www.irs.gov/pub/irs-pdf/fw4.pdf
    How many exemptions did the form tell you to take?

    #233380 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3500
    Joined: 01/14/2017

    Sorry to give the tired answer I always give for this, but I find it more useful to project your tax liability based on your salary and planned deferrals.  Break this up per paycheck and give HR an amount per paycheck to go to Fed/State/City.  Gets you familiar with taxes and makes sure that you aren’t being overcharged throughout the year.

    #233387 Reply
    Avatar jaja123 
    Participant
    Status: Physician
    Posts: 22
    Joined: 02/04/2019

    Enter 1 for yourself

    Enter 1 if you’re single, or married filing separately, and have only one job

    So 2 based on this. Wouldn’t most single people put down 2 based on this?

    #233604 Reply
    Avatar ZZZ 
    Participant
    Status: Spouse
    Posts: 697
    Joined: 06/18/2018

    It’s your 1st year out, so your income will go way up and you’ll end up in the safe harbor as long as you withhold 110% of your prior year tax. So, you could claim a whole bunch of allowances and get a free loan from the IRS until next April 15th.

    #233637 Reply
    Liked by Tim

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