Hi. I'm single and I'm filling out my w-4 form. When I did my taxes this year, the guy told me that next year I would owe money if I didn't have more taxes taken out. So that is why I'm filling out a new one at work so I can have more money taken out. Should I claim zero? Currently I'm claiming one. There is also a spot to have them take extra and I don't know if I should do that as well.
Additionally, if I fill all the things from A to H then I'm supposed to put in that amount below - but that makes me claiming too many. My son is 18 and makes a lot of money, so I prob can't claim him next year. So I'm confused if I should put that amount below even if I want to claim zero. Please help!! Thanks!
2007-04-22 11:49:41 · 4 answers · asked by Sha Sha 2 in Business & Finance ➔ Taxes ➔ United States
You can put in any number of exemptions lower than what the worksheet says. Zero will give you the maximum deduction per the tax charts. Did the guy who did your taxes have any idea on how much more you would need taken out to cover your taxes? If so, you can go to www.paycheckcity.com, enter in your gross pay, W-4 exemptions you want to claim, and pre-tax deductions and it will calculate the amount of taxes that will come out of your check. If the amount will cover next year, your done, if not, figure out the difference and enter that amount as an additional amount. (Remember to calculate the additional amount based on number of pay periods left in the year.)
2007-04-22 11:56:50 · answer #1 · answered by Mom of 2 4 · 0⤊ 0⤋
Did your tax preparer tell you how MUCH more you should have deducted?
You'd probably be OK if you file single, zero allowances, without anything on the line before for additional withholding. You could call and ask the tax person - he should have given you an idea of how much additional to have taken out when he said that.
2007-04-22 14:00:58 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Why would you end up oweing next year?
Are your circumstances changing? Do you have sources of income that are not being taxed through the year?
If you didn't owe this year, and your circumstances don't change, I don't understand why you would owe next year, either.
Regardless, if you claim single zero, you'll have the max taken out, and you can change this whenever you want.
2007-04-22 15:55:59 · answer #3 · answered by Anonymous · 1⤊ 0⤋
.if you are claiming one you can have the IRS take extra money taken out of your pay check.you can claim zero and still have the extra money taken out.it is up to you.
2007-04-22 12:00:14 · answer #4 · answered by binda 3 · 0⤊ 0⤋