Tax allowances

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Transfer2016

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Tax allowances

Postby Transfer2016 » Mon May 08, 2017 12:21 pm

I know there are some old threads about this, but how many allowances is everyone claiming for a 10 week market paying summer associate job? Using the worksheet on the form gives you like 3, but the IRS calculator comes out to 20.

favabeansoup

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Re: Tax allowances

Postby favabeansoup » Mon May 08, 2017 2:22 pm

Transfer2016 wrote:I know there are some old threads about this, but how many allowances is everyone claiming for a 10 week market paying summer associate job? Using the worksheet on the form gives you like 3, but the IRS calculator comes out to 20.


Take however many you feel like as long as you know your tax return will be a lot less come Tax season.

I took like 9-10 I think during my summer and that still left me with a nice few thousand return come April of my 3L year. That really helped offset some budgeting problems for me towards the end of my year.

Others I knew took more and basically had no return, and I think they were bummed about it.

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Mickfromgm

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Re: Tax allowances

Postby Mickfromgm » Mon May 08, 2017 2:40 pm

Also, the answer is dependent in part on your spouse's income, if any.

If you are getting a financial grant from your law school, beware that some schools reduce the grant by taking account of a portion of your biglaw summer pay. My school did that to me and I wasn't expecting it. It sucked.



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