started a new job in november and claimed 1 on my W2. At my old job I claimed 0. When I do my taxes should I claim 1 or 0. if I 0 will I have to owe money?
also, while I was claiming 0 my mom was claiming 2. If i claim 1 on my taxes she cant claim 2 anymore can she? and this will make the amount of money she recieves lower right?
In fact shes still claiming 2 and im claiming 1, what will happen?
2007-01-03 06:25:13 · 2 answers · asked by msginayvette 1 in Business & Finance ➔ Taxes ➔ United States
Your mom can only claim you on her return if she meets all the tests for claiming you as a dependent. If you're over 18 and were not a full time student for some part of at least five months of the year, or if you're over 23, then she can't claim you. There are additional rules besides this. Among others, you would have had to have lived with her more than half the year, and not have provided more than half of your own support.
If she can claim you, then on your return you'll check the box that says you're a dependent, and you won't get an exemption for yourself, your mom will get it. You'll each get your own standard deductions though, or itemized deductions if either of you have enough to go that way.
What you claim on your W-4 just determines how much is withheld from your paycheck. It's your return that determines how much tax if any you actually owe for the year. If you claim too high a number of allowances on your W-4, you could end up owing a lot when you file your return.
2007-01-03 07:10:44 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Your mother can claim you only if she meets all tax tests for claiming a dependent. If she claims you then you cannot claim yourself. Claiming dependents does reduce taxes as you guessed. Whether you owe or not depends upon your income, tax withheld and whether you can claim yourself.
2007-01-03 14:40:53 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋