Skip to comments.
Increase Exemptions to Boost Retirement Savings 2018
Vanity
| January 17, 2018
| Self
Posted on 01/17/2018 3:14:40 AM PST by CptnObvious
click here to read article
Navigation: use the links below to view more comments.
first 1-20, 21-24 next last
To: CptnObvious
Not seeing any tax cuts for those already retired.
2
posted on
01/17/2018 3:20:54 AM PST
by
fella
("As it was before Noah so shall it be again,")
To: CptnObvious
By increasing exemptions, a person is, in essence, giving the government an interest-free loan for a year. Better still, figure out how much those fictional exemptions would be and plunk that money in the booming stock market. Better return for your dollar (the government will NOT pay interest) and you control, in theory, your money.
3
posted on
01/17/2018 3:23:11 AM PST
by
Jemian
(War Eagle!)
To: CptnObvious
My employer just eliminated matching funds. :(
4
posted on
01/17/2018 3:34:20 AM PST
by
yuleeyahoo
(Those are my principles, and if you do not like them...well I have others. - Groucho Marx)
To: Jemian
Actually, you have that backwards. Increasing the number of exemptions you claim on the W-4
reduces the federal withholding. When you decrease the number of exemptions claimed, i.e. claim Single and zero, you maximize the federal withholding rate and then you are giving the gubermint that interest-free loan.
For 2018 it is best to wait for the revisions to Form W-4 and, of course, consult a tax professional as everyone's situation is different. But the strategy proposed by the original poster has merit.
5
posted on
01/17/2018 4:23:20 AM PST
by
NonValueAdded
(#DeplorableMe #BitterClinger #HillNO! #cishet #MyPresident #MAGA #Winning #covfefe)
To: fella
I am retired and while I dont expect the tax reform package to improve my individual situation, it will certainly help my country.
That makes it good enough for me! Life is not a zero-sum game, unless you are a brain-dead liberal. And then, you know in your heart that if anyone other than yourself gets a benefit, it is being taken away from you!
6
posted on
01/17/2018 4:32:56 AM PST
by
Redleg Duke
(Build KateÂ’s Wall! Never Forget!)
To: fella
The wife and I are retired and will see about $800 this coming year.
7
posted on
01/17/2018 4:48:08 AM PST
by
trebb
(I stopped picking on the mentally ill hypocrites who pose as conservatives......;-))
To: NonValueAdded
My exact reasoning for disregarding financial “help” on a political message board.
“Has merit”, may be. “Get a financial advisor”?
Even that is not really necessary with the slew of free info on the WWW provided one can read and has time and discipline to stick to and properly structure a solid plan.
8
posted on
01/17/2018 4:59:38 AM PST
by
CGASMIA68
To: CptnObvious
No giving the government my money to use for free. Absolutely the opposite of what people should do.
9
posted on
01/17/2018 5:20:04 AM PST
by
yldstrk
(My heroes have always been cowboys)
To: CptnObvious
Been maxing out my 401k since I turned 50 (five years ago.) In this market it was the smartest thing I could do. $122k turned into just over $320k as of yesterday.
10
posted on
01/17/2018 5:23:05 AM PST
by
usconservative
(When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
To: NonValueAdded
For 2018 it is best to wait for the revisions to Form W-4 and, of course, consult a tax professional as everyone's situation is different. But the strategy proposed by the original poster has merit. Likely the smartest post on this thread. Well done.
11
posted on
01/17/2018 5:24:49 AM PST
by
usconservative
(When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
To: CptnObvious
So Increase your Exemptions to Boost Retirement Savings in 2018!. What exemptions?
To: Jemian
By increasing exemptions, a person is, in essence, giving the government an interest-free loan for a year. Don't your mean Decreasing the number of Personal Exemptions?. Decreasing them or leaving them the same can have the effect you describe.
'
13
posted on
01/17/2018 7:03:23 AM PST
by
CptnObvious
(uestion her now.)
To: yldstrk
No giving the government my money to use for free. Absolutely the opposite of what people should do. Don't your mean Decreasing the number of Personal Exemptions from Taxes?. Decreasing them or leaving them the same can have the effect you describe.
14
posted on
01/17/2018 7:05:27 AM PST
by
CptnObvious
(uestion her now.)
To: DoodleDawg
What exemptions? What exemptions are changes through Withholding? That would be your answer :)
15
posted on
01/17/2018 7:08:22 AM PST
by
CptnObvious
(uestion her now.)
To: CptnObvious
What exemptions are changes through Withholding? That would be your answer :) There are no individual exemptions to adjust withholding anymore. I have no idea how they are going to do it going forward.
To: CptnObvious
I didn’t comment on the obvious mistake the original poster made, I commented on the intent which was to “increase your refund” a ridiculous premise involving giving the government an interest free loan.
So, yes, you are a fricking genius, ok?
17
posted on
01/17/2018 7:38:43 AM PST
by
yldstrk
(My heroes have always been cowboys)
To: DoodleDawg
There are no individual exemptions to adjust withholding anymore. I have no idea how they are going to do it going forward. Since the Standard Deduction is much greater than itemizing and my kids are grown (no Child Tax Credit) I divided $24000 by $4050 and rounded it down to an Integer. This gave 5 Exemptions and I let payroll figure out the rest.
If I had the Child Tax Credits I would add the Credits to the Standard Deduction and divide by $4050 and Round that to an Integer.
It is possible to get withholding more accurate on the W-4 but it would take to long for this forum.
18
posted on
01/17/2018 7:58:15 AM PST
by
CptnObvious
(uestion her now.)
To: yldstrk
Increasing Personal Exemptions DECREASES Refunds.
Do the Math.
19
posted on
01/17/2018 8:16:44 AM PST
by
CptnObvious
(uestion her now.)
To: CptnObvious
duh.
I responded to the concept and didn’t respond to the error. Move on.
20
posted on
01/17/2018 8:40:51 AM PST
by
yldstrk
(My heroes have always been cowboys)
Navigation: use the links below to view more comments.
first 1-20, 21-24 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson