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Another Reason to Revise Your W-4: CA Withholding Returns

Taxes may be one of life's sure things, but tax returns are another story. California's in big budget trouble (read: the state is teetering on tapped-out), and the controller's office is making the only choice it sees feasible for the current situation. In order to meet debt obligations and school spending requirements, CA has decided to withhold state tax refunds for individuals and businesses that overpaid in 2008.

For those of you who aren't CA residents like me and the other Sugar girls, your states should be sending refunds per usual. While state refunds are usually much smaller than federal refunds, this piece of news serves as another reason to update your W-4 form. Why pay more taxes than necessary, when that money could be growing throughout the year in an interest-bearing savings account? Talk to Human Resources about updating your W-4; it can be revised any time.

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WeTheLiving WeTheLiving 7 years
Wow, I just don't get how the state budget is so tapped out. I'll admit I don't know much about how state budgets work, but it just seems that with the majority of the film industry working there and an excess of millionaires living in CA, the state wouldn't be broke. dienliv, gave some good reasons why this might be so, but there must be more to it.
ilanac13 ilanac13 7 years
that's really smart - and something to think about. i'm always told that it's better to not get back a large amount since it means that you weren't having too much taken out, but i'm like everyone else when i say that it's nice to get a check for a decent sum, so that i can put it towards something that needs to get paid off.
PammyLZ PammyLZ 7 years
www.paycheckcity.com has a W-4 assistant that will help you out with figuring out your W-4. It is extremely helpful, I just used it a couple days ago to figure out my W-4 for 2009. http://www.paycheckcity.com/W4/w4instruction.asp
cvandoorn cvandoorn 7 years
I wouldn't know how to revise it though...what is there to revise?? I don't have any dependents, i'm single...so i'm allowed 1 deduction. The state is stealing from us. We just keep paying our taxes, and we get nothing back. Add to that that sales tax will be going up to 9% sometime this year. Let's see how well it turns out for me if I decide to give the state of CA an 'IOU' for my taxes!
bibliophile bibliophile 7 years
Well, we do have the option of revising our W-4 form, as Savvy says. I plan on changing it ASAP.
ladychaos ladychaos 7 years
I agree with chat...
chatondeneige chatondeneige 7 years
If I were a Californian, I'd file a class action lawsuit for my money. That's theft, plain and simple.
melizzle melizzle 7 years
So the state's essentially stealing money from taxpayers? Nice one, Cali.
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