We recently moved to VA and I will be going to graduate school next year. We dont have any children. I do not work. Can he now claim "2" tax exemptions on his work W2 form. Can I be considered a dependent?
2006-08-06 07:07:52 · 11 answers · asked by kikiM 1 in Business & Finance ➔ Taxes ➔ United States
thanks everyone, but by claiming 2 do you think we'll owe money to the irs?
2006-08-06 07:17:53 · update #1
actually it is a w-4 and yes he can claim you
therefore they will not withhold as much tax on his paychecks
sometimes its better to let them take as much as they can
paycheck to paycheck so you get more back at the end of the year. but it is actually smarter to take that extra money from the paycheck and earn interest on it yourself than letting the government get the interest. the choice is yours. be careful though if he makes a lot you might want to go ahead and claim the 2 exemptions so you won't owe at the end of the year. you can estimate on a 1040 or a 1040A. go ahead and figure the tax both ways and see which is best
2006-08-06 07:13:21 · answer #1 · answered by Enigma 6 · 0⤊ 0⤋
If I am following your question correctly, I think someone can claim as many dependants as they want on a w-2. What the w-2 does is try to keep you in check as far as your taxes go at the end of the year. In theory, if he doesn't want to owe a boat load on his taxes, he shouldn't be claiming dependants he does have. You are still married? When you file your taxes you get an exemption as a married person, you'll also save some money with tuition credits so I think you should be okay.
2006-08-06 07:13:14 · answer #2 · answered by SuzHall73 2 · 0⤊ 0⤋
1. A W-2 if the form your employer uses to report your wages.
2. A W-4 (the form you probably mean) is used to determine withholding.
3. You do not claim dependents on the W-4, you claim exemptions.
4. Depending on other deductions you will be able to claim, (such as charitable deductions, mortgage interest, etc.) you may be able to claim 3 or more exemptions.
I prefer to use a 1040 to estimate my actual tax liability, then use the withholding tables to find the number of exemptions that will come closest to that amount. That is perfectly legal.
To Celeste: They will probably file 'Married, Filling Jointly'. In that case, both are treated as dependents.
2006-08-06 13:38:30 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes, your husband may claim you as an exemption on his W-4. Claiming 2 exemptions may increase your take home pay but also help with not having too little tax taken out.
There are withholding calculators that can help you figure withholding allowances. H & R Block and IRS (http://www.irs.gov/individuals/page/0,,id=14806,00.html) have one.
However, according to the IRS, he cannot claim you as a dependent on your tax return.
To Steve: An exemtion for a dependent is not the same thing. They'll get an exemption for being married, not for being each others dependent.
2006-08-06 08:53:49 · answer #4 · answered by Celeste 6 · 0⤊ 0⤋
alright, you are talking about the W-4, what you get from you employer at the end of the year is the W-2. Anyway, you can claim 10 allowances on your w-4 if you would like, what the allowances do is determine how much is coming out of his paycheck each pay period. What really matters is how many exemptions you claim on your form 1040 at the end of the year. If you are married filing jointly, he will claim you as a spousal exemption. If filing seperately you just claim yourselves.
2006-08-06 15:46:45 · answer #5 · answered by Josh 4 · 0⤊ 0⤋
One of the issues you will be facing is that when you are on a payment plan you must NOT go into debt with future taxes or your payment plan will be in default. You do NOT have an option on paying the estimated taxes on his self-employment income, especially when on a payment plan for back taxes! You MUST massage your budget so that there will be enough funds for the estimated payments or you will only be deeper in the pooper with the IRS. Defaulting on your payment plan with this will likely lead to a wage attachment and direct levies on your bank account(s) and liens on any property that you own. Alternatively you might want to consider filing a separate return yourself for 2007. Although you may pay higher taxes on your income it WILL isolate YOU from any claims by the IRS against YOUR income and your separate bank accounts. If you don't have your own bank account, NOW is the time to get one. Then let the chips fall where they may with your husband. That may sound harsh, but he brought this problem into your marriage and HE needs to sort it out.
2016-03-27 01:12:22 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Again, it's a W-4. As his wife you and he are both exemptions. As to how much you'll owe, it all depends on the tax bracket you're in, whether you own a home, etc.
2006-08-06 08:47:16 · answer #7 · answered by HamTownGal 3 · 0⤊ 0⤋
You're talking about a W4, not a W2, and yes, he can do whatever he wants there. If you're his wife, unless you file separately, he will also claim you on his taxes.
If you're not working, and he is supporting you, you are his dependent.
2006-08-06 07:17:12 · answer #8 · answered by ceprn 6 · 0⤊ 0⤋
yes he can do this, under the W2 form there is an area he must complete and once that's done you are all set.
2006-08-06 07:12:47 · answer #9 · answered by Doris C 1 · 0⤊ 0⤋
You can be claimed by your husband whether you work or not.
2006-08-09 13:24:10 · answer #10 · answered by Rada S 5 · 0⤊ 0⤋