I will have no income next year other than $18,000 alimony (going to school). Should I put single (0)?? Thanks for your help!
2007-04-05 12:43:54 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I left out something important - I am on a leave of absence, but, my employer is continuing to pay my benefits. I receive $45/week in pay. I work for the school system, so that will be throughout the school year only. This is obviously a very minimal amount. I know that taxes arent taken out of my alimony.
2007-04-05 13:49:42 · update #1
Hi! They're right. You won't be able to have enough withholding taken out of your minimal school paycheck. Go to the TurboTax estimator and fill in the screens. Be sure to change the tax year from 2006 to 2007 on the "You and Your Family Screen." It will calculate your 2007 tax. On the Results screen, be sure to scroll all the way down to see the details of the result
Divide the amount of tax by 4 and pay 1/4 of your "estimated" 2007 tax as a quarterly estimate to the IRS - due April 17, June 15, Sept 17,2007 and January 15, 2008. Click on the IRS link below to go to the 1040ES forms. Scroll down to the last 2 pages. There will be the "vouchers" to send in with your payments. You can enter from your computer your name, address, social security number and amounts on each voucher and then print them out from your computer. The addresses of where to send the vouchers are on page 6. Be sure to write your "2007 1040-ES" and your Social Security number on each check. Aren't taxes fun!
2007-04-05 15:59:27 · answer #1 · answered by Lee, CPA - TurboTax employee 2 · 0⤊ 0⤋
No matter what you put on a W-4, with that level of income little or nothing will be withheld. And as you know, the alimony is taxable - you'll probably owe around $1000 tax on that. You should make quarterly estimated payments, paying in around $250 or $300 per quarter, to avoid owing a lot at tax time next year.
2007-04-05 14:59:04 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I agree with Donna. If your only income is alimony, you don't need a W-4. Your employer can't withhold taxes if you are not employed. The withholding calculator on the IRS website gives an error if you try to complete it with no job income. You may need to file quarterly estimated payments on the alimony. Using 2006 standard deduction and personal exemption numbers, your taxable income will be $9550 assuming single with no dependents. I come up with $1041.25 in tax or $260.32 per quarter.
2007-04-05 13:29:47 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
If you are receiving alimony, I would definitely put single (0). You are going to owe taxes on both your wages and your alimony. I would also set some money aside in case you owe taxes because of the alimony.
2007-04-05 12:59:19 · answer #4 · answered by Amy F 3 · 0⤊ 0⤋
If you don't have a job, why are you filling out a W-4? Does someone withhold taxes from your alimony?
2007-04-05 13:00:22 · answer #5 · answered by donna 2 · 1⤊ 0⤋
the W-4 is a criminal checklist which you sign and if IRS needs to ensure the variety you submitted, they have that option it sounds to me like the corporation is attempting to be obligated to deliver as little money as he has to and has adjusted your withholding to take as little income tax out than needed and it truly is not marvelous! he's obligated to withhold the way you claimed on your W-4 you interestingly have made your needs common to the PR detpt, in the event that they do no longer replace and your pay stub nonetheless does not replicate any replace, protest lower back!
2016-11-26 21:30:38 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You get 1 exemption for yourself. You don't have any others unless you are married or have kids or other dependents.
2007-04-05 12:50:52 · answer #7 · answered by eight_ball8 3 · 0⤊ 1⤋