or just write in "0" ? i'm trying to help my son fill out his personal allowance form and can't remember how that goes. t.i.a. for your answers.
2007-04-18 16:44:19 · 6 answers · asked by shyanne 5 in Business & Finance ➔ Taxes ➔ United States
You can claim one, but it is probably not a good idea because they will not withhold enough taxes. I would suggest you claim 0.
Incidently, you can claim as many dependents as you want but the more you claim on the w-4, the less will be withheld and the more you will owe at the end when you do your taxes.
2007-04-18 16:49:41 · answer #1 · answered by loandude 4 · 0⤊ 0⤋
If he's in college, you are claiming his as a dependent and is only expecting to make under $5200, have him fill in the exempt box on the form since he won't owe any taxes and won't have to file a return (assuming no other income). If he is not in school, claiming himself, and expecting to make less than $8500, he can also fill in the exempt box. Otherwise, 0 if you claim him, 1 if you don's should work just fine, but why withhold if you don't need to do so?
2007-04-19 03:24:48 · answer #2 · answered by Patrick S 3 · 0⤊ 0⤋
What you claim on a W-4 simply tells the employer how much in taxes to withhold. If you claim zero then they withhold the maximum amount, claiming 1 reduces the amount. What to claim is a matter of planning. It all depends on other deductions and what you would like the final tax bill for the year to look like, if you want a larger refund, claim zero, if not claim 1 and have those extra funds available throughout the year.
2007-04-18 20:51:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you claim him as a dependent, he should claim 0. If you do not claim him as a dependent, he should claim 1.
2007-04-18 22:41:08 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
yes any single person that supports themselves can claim themselves on their w-4. It just depends if they would like more momey in their check to survive week to week or if they would like a bigger income tax return. Claiming one if you claim yourself at the end of the year would not put you in a position to pay in at the end of the year it would still put you in a position to receive a return. Personally I prefer my money now as aposed to later.
2007-04-18 19:38:22 · answer #5 · answered by the man 3 · 0⤊ 0⤋
If it were me, I would claim "0." If you will be claiming him next year, then definitely "0."
2007-04-18 17:49:15 · answer #6 · answered by Amy F 3 · 0⤊ 0⤋