deductions/take home pay after divorce

You adjust your withholding via the W4. Shameless self promotion -

JoeTaxpayer wrote: : On 10/15/13 2:21 PM, snipped-for-privacy@gmail.com wrote: : > In my divorce settlement I am paying 40% of my income to my wife. Since my taxable income is going to be greatly decreased, what should I do to increase my take home pay. I'd rather not get a 20k refund so how can I change this? : >

: You adjust your withholding via the W4. : Shameless self promotion - :

FOr a one time thing, if you have any appreciated stocks, this would be a good time to sell them and realize the capkital gains on them. If you like the stocks you cna immediately, I believe, buy them back and have them now at a new, higher basis.

By next yer you can have yoru witholding adjusted and won't be so likely to have that kind of huge refun caused by overwitholding as you financial situation will be settled.

Another thought, if you can afford it, would be to take the refund(which. of course, is not taxable) and invest it.

Wendy Baker

I just need to know what I change on my W4 to get a much smaller withholding. Please advise. Thanks.

snipped-for-privacy@gmail.com wrote: : I just need to know what I change on my W4 to get a much smaller withholding. : Please advise. Thanks.

First, take your deductions to zero. Then talk to your company payroll or human services department about the situation. They may well have a suggestion for you.

Wendy Baker

Um, the thing about taking deductions to zero is that increases, not reduces, income.

You could work your way through one of the internet tax withholding calculators.

One example:

Oops. s/income/withholding/

I suspect she meant take the number of dollars of deductions to zero rather than the number of personal exemptions to zero.

Arthur Kamlet wrote: : In article , W. Baker wrote: : > snipped-for-privacy@gmail.com wrote: : >: I just need to know what I change on my W4 to get a much smaller withholding. : >: Please advise. Thanks. : > : >First, take your deductions to zero. Then talk to your company payroll or : >human services department about the situation. They may well have a : >suggestion for you.

: Um, the thing about taking deductions to zero is that increases, : not reduces, income.

Oops! Sorry!! got my directions mixed. Increase your deduction !!

Wendy Baker

: ArtKamlet at a o l dot c o m Columbus OH K2PZH

With all due respect to HR/Payroll, they often won't give advice, but rather, refer an employee to the W4 itself. OP wants a smaller withholding, dropping allowances to zero will have the opposite effect. Not sure I'd suggest that.

Forgive me, I'm back from a few days away, and the above was in my out box a few days ago. On signing in, it sent today. Old news, and you corrected the advice already.