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These tables were designed to produce the correct amount of tax withholding -- avoiding under- and over-withholding of tax -- for those with simple tax situations.
Adding only one allowance to Paul's W-4 may still result in over-withholding and make for a financially strained year.
In order to prevent over-withholding in some cases, the law permits an employee who has unusually large excess itemized deductions to claim one or more additional exemptions.
Do you know that over-withholding is like making an interest free loan to the IRS?
However, application of this ruling could also lead to over-withholding in many instances.
Does over-withholding and getting a refund in this manner make sense financially?