I am a single woman working. I live with my boyfriend. I claim 2 dependents becuase I think when I filled out my form at work it said I could. Is there any problem with this and is there an advantage or disadvantage to claiming less?
2006-10-31 06:59:07 · 9 answers · asked by Gwen 3 in Business & Finance ➔ Taxes ➔ United States
Unless you have 2 children, you are claiming 2 too many. If you're single, you shouldn't claim any dependents until you file your return. If you do, you'll probably end up owing. I did. I got confused and my HR rep told me that I could claim myself, but at the end of the year, I ended up owing because they didn't take enough money out of check during course of the year. I know 2006 is coming to a close, but you should make an adjustment as soon as possible and definitely for 2007.
2006-10-31 07:09:17 · answer #1 · answered by LadyDeathStryke 4 · 0⤊ 3⤋
Here are the IRS instructions on filling out a w-4 form http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3 . The more you claim, the less withholding you will have. This leads to a bigger pay check and probably a tax bill come tax time. Claiming fewer will result in owing less at tax time since you will have paid in more toward you tax liability for the year - which doesn't change. Yes, claiming 0 can give you a bigger refund, but you don't get interest on it like you would if you put it in a savings account. My personal preference is to withhold as the IRS recommends because it usually comes closest to matching your tax liability.
2006-10-31 09:11:19 · answer #2 · answered by curious george 5 · 3⤊ 0⤋
The More Dependents You Claim
2016-11-03 02:51:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For paycheck withholding purposes you can claim any number of people you want, but when you file your taxes in April make sure you use the proper number of dependants. A note, the more dependants you claim on your W-2 they will take out less from your checks, but you might end up paying taxes at the end of the year......if you file less dependants, like single with zero for example, you will see a higher refund when you file your taxes in April........so bear that in mind.
2006-10-31 07:03:57 · answer #4 · answered by Scotty 6 · 1⤊ 1⤋
You should claim zero or one. The advantage is that less taxes are being taken out each paycheck. The disadvantage is that you'll likely end up having to pay the IRS. Unfortunately, you cannot claim your boyfriend as a dependent.
2006-10-31 07:01:29 · answer #5 · answered by Jamie T 2 · 0⤊ 2⤋
I am married and have two children, but we both claim zero dependents. this way, the government takes more taxes out of each check and when tax season comes in April, we never owe and always get a big check back. It helps us with savings.
2006-10-31 07:03:21 · answer #6 · answered by heather d 2 · 0⤊ 0⤋
Do you claim 2 dependents or 2 deductions? Unless your boyfriend doesn't work and you completely support him, you can't claim him as a dependent (and you need to dump the loser).
The more deductions you have the more take-home pay you will get, but the more you will owe in April. If you claim too many deductions you will be charged penalties.
The best thing to do is to claim as few deductions as possible (you should claim 0). Then pay as much pre-tax as you can. Some companies let you take our your health-care pre-tax or contribute to 401K.
That maximizes your $$.
2006-10-31 07:03:05 · answer #7 · answered by leaptad 6 · 1⤊ 2⤋
For the best answers, search on this site https://shorturl.im/avY1J
yes, although you get MUCH less than you would if they didnt. mine claimed me throughout college while I was working and i got SCREWED on tax returns
2016-04-09 05:56:29 · answer #8 · answered by ? 4 · 0⤊ 0⤋
No if you can claim more legal go right ahead
2006-10-31 07:06:23 · answer #9 · answered by lorenzo p 3 · 0⤊ 3⤋