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Assuming NYC BigLaw SA gig, how many allowances can we claim? Last year I did one, but got a ridiculous amount withheld by the gov't. Would rather get more of it now than wait until April again for the refund. Wondering what's kosher here.

The IRS website has a calculator for you which will tell you how many to take after plugging in some info. Only took like two minutes. http://www.irs.gov/Individuals/IRS-With ... Calculator

Edit: I'm not making big firm money or I would just tell you what it gave me. Just wanted to be clear I wasn't like having you calculate it when I could easily just tell you lol.

hellojd wrote:Assuming NYC BigLaw SA gig, how many allowances can we claim? Last year I did one, but got a ridiculous amount withheld by the gov't. Would rather get more of it now than wait until April again for the refund. Wondering what's kosher here.

i think i did something like 14, if the amount withheld turns out to be too much i'll just adjust during the summer.

just did the calculation using the IRS site for a 12 week biglaw gig and it suggested 23 allowances.. is this correct?

TheDogWhisperer wrote:just did the calculation using the IRS site for a 12 week biglaw gig and it suggested 23 allowances.. is this correct?

I did something like 24-27 and still got a small refund.

I think something between 24 and 30 is normal for the typical single law student.

Make sure to include relevant credits (lifetime learning) and deductions (student loan interest). If you are going into biglaw, then tax years 2015 and 2016 will be the last two years you can claim a student loan interest deduction. If your AGI is low enough, you may also be able to get a savers credit for saving into an IRA.

Also keep in mind that state refunds for 2014 count toward taxable federal income in 2015. If you had a large state refund for 2014, you may not want to take as many allowances.

Disclaimer: this in no way constitutes legal advice or accounting advice on how to do your taxes. Consult an attorney or tax accountant for advice.

I did 20 a few years ago and still got a substantial refund.

Where I'm confused is how to do state allowances for NY. Do you just go with the same number as your fed calculation?

bump

did 24 last year and still got a refund; calculator tells me 25 this summer

I dun goofed.

What happens if you just put 1? You're still going to see money this summer right?

DC with 37. Anyone try that yet?

Anonymous User wrote:What happens if you just put 1? You're still going to see money this summer right?

Yeah of course. You just get the amount withdrawn as if you were making 3000+/week throughout an entire year. Then when you file your taxes for the year you'll get a relatively massive refund

how many allowances for NY state? I think 0

juzam_djinn wrote:

Anonymous User wrote:What happens if you just put 1? You're still going to see money this summer right?

Yeah of course. You just get the amount withdrawn as if you were making 3000+/week throughout an entire year. Then when you file your taxes for the year you'll get a relatively massive refund

You likely will get audited. Government doesn't like writing huge check to people without inquiring as to why.

Should we be offering tax advice?

.

Actus Reus wrote:

juzam_djinn wrote:

Anonymous User wrote:What happens if you just put 1? You're still going to see money this summer right?

Yeah of course. You just get the amount withdrawn as if you were making 3000+/week throughout an entire year. Then when you file your taxes for the year you'll get a relatively massive refund

You likely will get audited. Government doesn't like writing huge check to people without inquiring as to why.

if by audited you mean that the year-end refund might be delayed b/c they are checking into why the amount is relatively large, then yes I have heard anecdotes about this happening. I really hope you're not implying that this is something illegal...

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so, I put 10 dependents for the IRS calculator. said 31 suggested and less than $25 refund. This seems like the correct way to go about it, no? Is putting 10 dependents the way to go?