buckeyesue

When we want extra withholding, we have found it much easier just to specify a specific amount that we want to be withheld extra, rather than go through filling out the W-4 form.

That was allowed through our employers, my pension plan, etc. I think that it would be allowed through other employers, pension plans, etc.

If you are interested in having more withheld, it might be worth checking with your employer to see if you can just specify an additional flat amount that you want withheld extra instead of doing it through the W-4.

(Also, I am having an extremely large amount withheld extra, and I'm sure I would not be able to have that much withheld just by using the W-4, claiming 0 exemptions, etc.)

NNY S2k

My guess is that the amount withheld will go up in March (or sooner) as it appears the Feb.withholding also gave credit for January.
Levi

buckeyesue

That is interesting.

However, it doesn't seem to apply to me.

I receive a pension from Ohio Public Employees Retirement System.

On my online account, I can already see how much everything will be for my next payment on March 1, 2018, the gross amount less all of the various deductions. Everything is exactly the same as it was on February 1, 2018 (today.)

(The February 1, 2018 payment did have less federal withholding than the January 1, 2018 payment.

Perhaps, the March amount will actually change by the time we get closer to March, though.)

NNY S2k

I just got my NY State retirement for Feb. and the difference in withholding from Jan was about twice what I was guessing so I figure next month should be right. For those that get paid weekly or whatever I think their second check in Feb should show the true withholding.....we'll see.
Levi

buckeyesue

I am paid my Ohio Public Employee pension monthly.

Here are the new withholding tables for 2018 that were issued by the IRS just recently, so you can actually calculate what should be withheld based on the marital status and number of exemptions you are claiming for withholding purposes.

https://www.irs.gov/pub/irs-pdf/n1036.pdf

What was withheld for me on Feb 1, from my gross taxable amount, (not counting the additional I have chosen to have withheld) for federal taxes is exactly the same as when I apply the calculations in this notice, using Table 4. I have claimed married with 0 exemptions.

So, in my case, I don't think that my March amount is going to be any different than my February amount. As you said, though...we'll see.

boltonblue

I would really love to understand what assumptions go into the calculations for the W-4 withholdings calculation.
One could argue that if you claim 0/0 for your dependents enough taxes would be withheld to cover your tax liability
One would also figure that if your spouse claimed 0/0 the same would hold true.
Especially if you had an extra 5% held out, one guess you would have covered tax liability but NOOOOOOO.
Do these guys not understand addition and subtraction?
We're not talking wild market gains and windfall profits. Just good old fashion ordinary income.
How Fircking hard could it be?

boltonblue

ah hah!!! careful investigation of paycheck stub. turns out somebody set me up for Married -0 not single 0.
grrr.

buckeyesue

Hello Boltonblue,

Are you talking about on your 2017 taxes?

Do you have some income that doesn't have withholding, such as interest, dividends, capital gains, etc.

Also, keep in mind that if you are filing a joint return, thus adding two incomes together, you could very well be in a higher tax bracket than either of you would be separately.

We have always found it just easier to specify to our employer(s), an additional amount that we wanted withheld, rather than use the W-4 form.

Edited to say:
P.S. I see that you have now just added another post which might explain things. I must have been typing at the same time as you were adding the explanation.