How can calculate how many deductions I can take on my W-4 based on my mortgage interest rate.?


There is no easy answer, and there is no correct answer. If you are single and own a house normally you can get away with claiming 2 with out a problem. If you claim 3 your refund might be around 100-200 or you might owe 100-200.

It is very hard to say with out your total income, interest you pay yearly, and yearly tax liability. Even then it’s just a estimate.

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4 Comments.

  1. There is no easy answer, and there is no correct answer. If you are single and own a house normally you can get away with claiming 2 with out a problem. If you claim 3 your refund might be around 100-200 or you might owe 100-200.

    It is very hard to say with out your total income, interest you pay yearly, and yearly tax liability. Even then it’s just a estimate.
    References :
    http://www.ColaTax.com

  2. hirebookkeeper

    Follow the instructtions (worksheet) on the W-4 form .
    References :

  3. The IRS has a "Withholding Calculator", although the page is down right now. Keep checking here:

    http://www.irs.gov/individuals/article/0,,id=96196,00.html
    References :

  4. There is a calculator on the W-4 to help you figure that out. You can also use a computer program to do it.
    References :

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