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Re: Adjusting withholdings for new mortgage interest question (1 viewing)
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TOPIC: Re: Adjusting withholdings for new mortgage interest question
#497
Joel_B (User)
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graphgraph
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Adjusting withholdings for new mortgage interest question 2007/06/27 18:36 Karma: 0  
Hi, can somebody tell me the proper way to change my tax withholdings to allow for my new mortgage interest?
Our combined income is 100,000 per year and I estimate about 36,000 a year that I'll pay in interest.
Do I change my amount of dependents to do this, and if so to what number?
Or is there a better way to achieve this? Thanks in advance for any help.
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#498
jopetho (User)
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Re: Adjusting withholdings for new mortgage interest question 2007/06/28 16:05 Karma: 0  
You need to file a w4 form with approximate number of excemptions in Line 5. You can use the worksheet in the W4 page 2 as you will be using the itemized deductions. Your mortgage interest will be part of the itemized deductions. If the instructions are not clear you may use some online calculators like one you can find in this website. http://findtaxservice.com/taxcalculator/tax-withholding-calculator.html
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