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    plevy16's Avatar
    plevy16 Posts: 1, Reputation: 1
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    #1

    Feb 27, 2007, 08:58 AM
    What do I claim on my 2007 W-4?
    Hello,
    I'm a single home owner in Baltimore, MD. I will make $55k this year with salaries and bonuses. I made $47k last year as stated on my W-2. I received back approximately $2,200 from Federal and $640 from the State. I claimed single and 1 in both categories
    I want to elect exemptions so that don't get back and I owe very little if I owe at all. What do you suggest my elections be?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 28, 2007, 10:48 AM
    Sorry for the delay in answering; there was a glitch in the updating process on my computer.

    Up your exemptions to 2 on the state and 3 on Form W-4. That should reduce your refund without having a huge tax bill come April 2008.
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