W4 Form Allowances- To claim 0 or 1?

Question

What would you do? What are the benefits to claiming 0? 1? or more?

Answer 1

i would do a 0 you get back more come tax season. but 1 would b ok, i jus wouldn't go more than a 1. good luck!

Answer 2

I would use the IRS withholding calculator link below. Input some actual numbers and it will come as close the the best answer as any method aside from an actual tax return. Based on the information in your question, you should claim somewhere between ZERO with $1,000 extra withheld each check and EXEMPT and file a W-5 for advance EIC payments. Yes, I am aware those options include both extremes.

Answer 3

No thank you to declare without understanding your marital status and kinfolk composition. in case you have 3 teenagers all under age 17 as of the top of the 365 days and your better half would not artwork, you could properly declare 12 allowances and extremely very nearly wreck even. in case you're single without dependents and declare the extensive-unfold deduction, claiming 12 allowances might many times pass away you with a reasonably super tax bill on the top of the 365 days. only persist with the learning on the variety W-4. they are very convey. Edit: properly, in case you're single and have no dependents then 2 will pass away you on the element of the wreck-even element. you may get a tiny refund or have a small bill to pay at submitting time -- many times interior of $a hundred the two way. in case you declare 3 although you're able to have a bill of a number of hundred to pay once you report.

Answer 4

you take home more $$ per paycheck when claiming 0 versus 1 but you could end up owing tax at the end of the year. If you are single, then claim one for 1/2 the year and zero for the other half...you should be about even at the end of the year(meaning no taxes owed or no huge refund)