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Common Questions for the 1040 |
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Common Questions for the 1040 |
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Common Questions for the 1040
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Common Questions for the 1040 |
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Common Questions for the 1040 |
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Yes, Form W-4 under Basic Instructions says...
By completing the Personal Allowances worksheet, you can adjust your withholding based upon itemized deductions, adjustments to income, and other deductions. The worksheet will help you figure the number of withholding allowances you are entitled to claim. However you may claim less than this.
A person who claims fewer deductions than they should is effectively giving the government an interest free loan.
Note that it is legal to claim more than 10 withholding allowances, but the IRS does require that employers notify them of employees who claim more than 10 withholding allowances on their W-4.
| Note: | We have heard of one client contacted by the Oregon Department of Revenue. They were asked to justify the number of allowances they were claiming. A copy of the printout was sufficient for the explanation. |