2006-11-16 10:47:37 · 6 answers · asked by chozynson 2 in Business & Finance ➔ Taxes ➔ United States
As long as people are correcting terms, its a W-4 and withholding allowances. The W-2 is the form your employer uses to report your earnings to you and the IRS. A personal exemption is claimed on your tax return for yourself and each dependent. Dependent refers to the person, not the item on your return.
Yes you can claim "0" on your W-4 and "1" on your tax return. The IRS never actually sees the W-4. It is only used to tell your employer how much to withhold. Claiming "0" results in more withholding. Because your tax liability is not changed, your refund would be larger than if your claimed "1".
2006-11-16 13:39:32 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
When you file your W-4 (not your W-2) you can claim zero exemptions (not dependants). (What you are doing it forefitting the exemption you automatically get for yourself. Every single person gets 1 exemption for themselves.) This means that you will pay more towards taxes throughout the year and potentially get a larger refund of what you overpaid.
When you file your taxes at the end of the year, you will not be a dependant. (A dependant means that you provide less than 50% of your own support.) You will simply file your taxes as normal. When you get to the portion that asks how much tax you paid throughout the year, you will take the number off of your W-2, which is a summary of your wages and taxes throughout the year.
Because you will have overpaid by a lot by claiming 0 exemptions, you will get a large refund.
2006-11-16 19:17:06 · answer #2 · answered by Colique 2 · 2⤊ 0⤋
I think your probably refering to your W-4, not your W-2. The IRS has no problem with you claiming 0 on your W-4 and listing yourself as a dependent when you do file your tax return. Keep in mind by claiming 0 you are going to have more federal income tax removed from each paycheck, but will receive a larger return when you file your taxes. Either way you end up paying the same amount in federal taxes, it's just depends if you want a little more each paycheck of if you want a larger tax return after you file your taxes.
2006-11-16 18:59:27 · answer #3 · answered by Marvin J 1 · 4⤊ 0⤋
You can, but are expected to only adjust downward to compensate for over deduction by the government. If you owe too much money because you minimized your W2 deduction, you may have to pay a penalty.
Also, if you are a deduction on your parents tax return, your tax situation may vary. Check that also.
2006-11-16 18:57:37 · answer #4 · answered by Anonymous · 0⤊ 1⤋
when you do a w4 you may claim zero dependents and when you file your w2 with your tax statments you can claim your self
2006-11-16 18:57:03 · answer #5 · answered by roy40372 6 · 1⤊ 0⤋
yes you can
2006-11-16 18:49:27 · answer #6 · answered by catwoman 3 · 0⤊ 0⤋