I will not have my son for a dependent on my next tax return & will not be able to claim his education credits & my tax preparer suggested I change my number of exemptions from 1 to 0 otherwise I I would be paying in next year instead of a refund & I was wondering if this was the right thing to do?
2007-02-04 11:30:37 · 4 answers · asked by Woodknob 1 in Business & Finance ➔ Taxes ➔ United States
If you leave your exemptions at 1 then you will probably pay in next year but if you changeit to zero then you should get a refund next year. I always claim zero on my w4 so that I don't have to pay in at the end of the year.
2007-02-04 13:14:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you change it to 0 you may have to pay taxes at the end of the year instead of possibly getting a refund
2007-02-04 11:40:20 · answer #2 · answered by sapphire_630 5 · 0⤊ 1⤋
You can arrange your w4 to try to balance things out. If you put down 0 on the W4 the company will take out more withholding, and you will be making a no interest loan to Uncle Sam. You can do it if you want.
2007-02-04 11:35:58 · answer #3 · answered by hasse_john 7 · 0⤊ 0⤋
yes
2007-02-05 02:26:59 · answer #4 · answered by jojo 3 · 0⤊ 0⤋