19 Withholding Allowances?
I got got done doing the IRS Withholding Calculator (http://www.irs.gov/individuals/article/0,,id=96196,00.html)
It say i should have 19 ALLOWANCES for the rest of this year!!!!!!!!!
I thought this had to be wrong so I filled it out 3 times to make sure i got the information right, and it was the same result 3 times.
I got back about $ 8000 return for the past 2 years mostly due to mortgage interest. I am scared to input that many allowances but I also don’t like the idea of giving the government an interest free loan i could be investing.
How should I handle this?
We are looking to become debt free. My husband and I trimmed our budget to where we have an extra $ 300 a month to pay off these debts. We are going to start sending the $ 300 plus regular payment to the lowest first then moving to the next and next with additional payments and finally paying off the mortgage. What I need help with is finding either a online calculator or some assistance on how to factor in the intrest rates and such to achieve this goal. I also would like to see what it would take to do it in 4 years. Any assistance with any of the questions is greatly appreciated. Here are our figures.
Credit Card- 8% Balance- 2800 Month Payment 150
Car Loan- 8% Balance- 13,900 Month Payment 356
Mortgage- 5.9% Balance- 114,500 Month Payment 915
These payments are not including the extra $ 300 we would be putting into it. Thank you so much for your help