Hello- I'm preparing to start a new job in the next week. With the new job I have the customary tax forms to fill out. This year (2000) I am due to be refunded about $1000. I bought a house so I know that is part of the reason for the substantial refund. For 2001 I'd like to claim enough exemptions to where I will be refunded or owe as little as possible. Is there any tax calculator that will compute this for both state (MD) and federal, based on income, interest payments, etc. I really hate giving my money to the IRS for them to spend. Thanks in advance.
TurboTax, and probably other tax-preparation software, has a planning section so that you can put in your estimates for income and deductions for this year. That would give you some basis for determining how much you want to be deducted each month. I don't know if their state software would do that for Maryland, though. Maybe others do.Charlie
The two I have TurboTax and Quicken are pretty rudimentary. I was expecting something that could take the guess work out of it. Where it would ask you how much you are planning to make, whether or not you are planning to participate in a 401(k) and how mucj you intend to contribute. And other factors that will affect your AGI. Then tell you that if you claim only one exemption you will get a $xxxx.xx refund. If you claim N more exemptions you will reduce you refund or possibly owe at EOY.
Ive used this calculator. It is basic but pretty handy.http://www.mostchoice.com/General/Tools_Library/Calculators/taxCalc1.cfm
The free demonstrator on http://www.edcosoft.com/qitc.html will compute your 2001 taxes for all variables and indicate the minimum withholding to avoid a penalty. You need a W-4 to translate that into number of dependents to claim. ed
Use the worksheet on the W-4 to determine the correct number of exemptions to claim for federal withholding. Use MD Form MW-507 for your state withholdings.Ira
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