Filing single 1 exemption vs single 0 exemptions?

Question

I have been filing single 0 exemtions throughout the year but was told by my employer that it can get more moeny back by filing single 1 exemption on my taxes? True or false?

Answer 1

During the year you can claim 0 exemptions. What you claim during the year determines how much your employer withholds out of your paycheck. When you file your taxes, you file single with 1 exemption. During the year, the lower number of exemptions you claim, the more money they withhold......which at the end of the year when you file your taxes.....you get more back. Some people claim less exemptions during the year so they won't owe as much on their tax form. Here's an example to help you understand this better.If you have 5 exemptions you claim during the year, your employer isn't going to hold much in taxes because you need it to live on. Then when you file your taxes, you will probably break even. But also be aware that a couple of years ago, the IRS said they would start penalizing people who got too large of refunds due to not claiming the correct number of exemptions on their w-4. ( The w-4 is the form you fill out at work to claim exemptions) This is a good question but you would be better off calling the IRS helpline to get a more personalized answer. Your income is an important bit of info for this question. Also, when you call the IRS, call them back with the same question a few minutes later. That way you'll know the answer is right. If you get 2 different answers from them, call again. Good luck.

Answer 2

Tax Exemptions 0 Or 1

Answer 3

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Well, it will depend on the amount you wan t/need to be withheld. On the up side, you can change your W-4 anytime you want. Literally every pay period if you wanted (that would make you popular in the account department at work however ;-) So if you did a review of your financial situation in the middle of the year, and made a "mock" tax return and saw you were not having enough withheld, you can change it! In the order of most withholding: Single Married, but withhold at the higher single rate Married Each exemption you add on to the end of each status will reduce the amount of taxes taken out, just as any extra withheld will increase the amount. The W-4 does not have to match your tax return, so if you want the maximum amount of taxes withheld you can check Single 0. (My W-4 and my husband's both have Single 0, even though we file a joint return. I would rather have the maximum taken out during the year, to make sure that the chances of owing money are severely reduced.) Remember, the idea behind the W-4 is to try and get the 'perfect bottom line' at tax time: You don't owe the IRS and the IRS doesn't owe you.

Answer 4

The more exemptions you file, the more money you get to keep in your paycheck, BUT when you file your taxes, if they let you keep more than you owe...there's no TAX REFUND>>>YOU OWE!

I've filed single 0 and I'm married with two kids. It makes my paycheck a little smaller but at tax time I get a healthy refund. Everyone says that I'm letting the govt. use my money interest free and I could be investing it or something else. That may be true, but getting a refund back is like a nice bonus check every year and you get it in one huge lump. To me it's better to budget my life on a minutely smaller paycheck and get a nice check at tax time than it is to get meager amounts more per paycheck spread throught the year. It helps us put money back if we don't need it and we can use it for vacations, emergencies, etc.

I made the mistake of filing single with 1 exemption when I got married and had our first child. I did get to keep a little bit more money in my paycheck....BUT at tax time I got about $50 back from the State and OWED the Feds $1800. It totally was not worth it to me.

When you list your exemptions it just tells the IRS what scale to tax you against. If you could do it perfectly, it would balance out to $0 owed by you and $0 refunded by the government.

I prefer to get my nice check every year and budget my expenses around a slight smaller paycheck.

Answer 5

First off, you will never file "jointly" with your mother. If you meet the test for a qualifying dependent, you can claim your mother. One of those tests is that she does NOT file a joint return with your father. Other tests include her having low income AND you being able to prove that you supported her. The first post is wrong. You do not have to show that your dad has no income to claim mom, as long as they don't file jointly. As far as refund, if your income is enough to support both of you, it's likely to be well above $9350 and yes, that would reduce your tax and increase your refund.

Answer 6

If you claim Single-0 you'll get the largest refund at tax time and the smallest paycheck on payday.

If you Single-1 you'll get a smaller refund at tax time, but a larger paycheck every payday.

If you claim Single-2 you'll get almost no refund at all or may even need to pay a few dollars at tax time but you'll get the largest possible paycheck on payday.

Answer 7

It is neither true nor false. It's the law. No filing 0 exemptions.

Answer 8

yes