I never had to pay out income tax before last year, so I am wondering if I need to claim 1 dependent (me) or what to do to receive $ instead of paying it out.
2006-07-23 05:37:04 · 5 answers · asked by Raine 1 in Politics & Government ➔ Law & Ethics
I presume you are asking how many exemptions to ask for on your Form W4. If you are single, with no dependents and you claim 1 dependent, you should (in many cases) just about break even. Of course, this also depends on your income level and if there are other credits which could apply when you do your income tax return. If you claim 0 exemptions, you will have more withheld, and thus, have a greater chance of having a refund at income tax time.
If you don't understand further, you might want to consult with a tax advisor. H&R Block will often offer you free tax advice, and you can find an office that is open year around at their website.
2006-07-23 08:46:02 · answer #1 · answered by Phil R 5 · 0⤊ 0⤋
Claiming single with 0 dependents will give you the biggest tax deduction throughout the year. If you think you may still have to pay, try having an extra amount withheld. But don't take out too much during the year. The Government gets enough of your money without collecting interest off of it too.
Another thing you could do is have a savings account just for your taxes. You collect the interest alll year and have it to pay to the IRS at tax time.
2006-07-23 12:54:01 · answer #2 · answered by shirley_corsini 5 · 0⤊ 0⤋
fill it out right
answer the questions
you will only get money back if you had a job and money was withheld and your taxes are less than that amount.
do not lie on it or they will catch you
2006-07-23 12:41:46 · answer #3 · answered by brainiac 4 · 0⤊ 0⤋
I would suggest you visit with an accountant. I wouldn't risk trying to figure it out yourself.
2006-07-23 12:40:55 · answer #4 · answered by Feathery 6 · 0⤊ 0⤋
claim zero that should do it
2006-07-23 12:41:58 · answer #5 · answered by paulglass5 2 · 0⤊ 0⤋