2006-12-21 09:44:53 · 7 answers · asked by stonemarji 1 in Business & Finance ➔ Taxes ➔ United States
When you fill out the W-4, you tell your employer how much taxes to take out. There is nothing to stop you from claiming more than 1 dependent, the question is whether you will owe at the end of the year when you file your tax return.
For example, if you own your home and you are paying mortgage interest and property taxes, you can increase your exemptions on your withholding to account for the fact that the mortgage interest and property taxes will be deductible for you when you file your tax return.
2006-12-21 09:51:41 · answer #1 · answered by jseah114 6 · 2⤊ 0⤋
If asked, you must be able to demonstrate to the IRS that claiming more withholding allowances was appropriate. This would be the case, for instance, if you expected large itemized deductions.
If you are claiming the Standard Deduction you should not claim any more than 1 withholding allowance on your W-4.
2006-12-21 10:50:36 · answer #2 · answered by skip 6 · 1⤊ 0⤋
You can claim any number of dependents on your W-4 statement. When it comes to tax time though you had better saved up some of that thare bread because you are going to have to pay it back. If you are late, you'll pay it back with interest.
2006-12-21 09:49:40 · answer #3 · answered by green3ch 6 · 0⤊ 0⤋
I think you can but at the end of the year you'll have hella taxes to pay back
2006-12-21 09:47:16 · answer #4 · answered by melaniemia7 2 · 0⤊ 0⤋
You can when you do your W4, but you will end up owing tax at the end of the year.
2006-12-21 09:46:46 · answer #5 · answered by CPT Jack 5 · 0⤊ 0⤋
For withholding purposes, yes. For filing purposes when you file your return, no.
2006-12-21 09:54:24 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Not legally.
If you get caught, you can be charged with income tax evasion.
2006-12-21 09:46:51 · answer #7 · answered by Stuart 7 · 0⤊ 2⤋