Tax Forms

How does the W-2 form work and what are the best choices to make on it in order to get the most money in the long run?

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2009-12-10 00:40:46
2009-12-10 00:40:46

Form W-2 is Wage and Tax Statement. It's often confused with Form W-4 Employee's Withholding Allowance Certificate. You can claim whatever exemptions (personal, dependent) that you're eligible for.

If you're expecting tax credits (child/dependent care expenses, child tax, etc.) or earned income credit to lower or eliminate your tax or to give you a large refund, you can adjust your exemptions. You can claim 0 exemptions if you want more withheld, which usually means you'll receive a larger refund. Your employer calculates withholding based upon your W-4 form.

For more information, go to www.irs.gov/formspubs to view/print Publication 919 (How Do I Adjust My Tax Withholding?).

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