2007-05-14 15:42:37 · 5 answers · asked by hwjone 1 in Business & Finance ➔ Taxes ➔ United States
If you are talking about exemptions on your W-4 form, it depends on a lot of other things. The best way to figure it out is to use the withholding calculator on the IRS website: http://www.irs.gov/individuals/article/0,,id=96196,00.html
2007-05-14 16:43:04 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
The number of dependents you claim does not have anything to do with buying a home. How many dependents do you have? Yourself, your spouse and your children. Maybe your relatives if they are dependent on your income.
If you are doing your w 4 form for employment, the more dependents you put down, the less money will be taken out of your pay check. The less dependents you put down, the more will be taken out of each pay check. If you expect to owe
a lot on taxes, claim less dependents on your w-4 to make sure enough tax is taken out so you wont have to pay in at the end of the year. Your house information will be handled on next years tax form with the deductions you can take the first year you buy a home.
2007-05-14 23:40:43 · answer #2 · answered by Diane 2 · 0⤊ 0⤋
The number of dependents you claim doesn't have anything to do with whether or not you own a home. There are different tax deductions for owning a home such as mortgage interest and real estate taxes paid.
2007-05-14 23:11:18 · answer #3 · answered by zinf32000 2 · 0⤊ 0⤋
Whether or not you claim any additional allowances, and how many, if you expect to itemize depends on how much you will have in itemized deductions. Use the allowance worksheet or calculator.
2007-05-15 03:26:55 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
The two criteria you mention have no bearing on each other. Sort of like the two words "honest" and "politician" don't go together.
2007-05-15 09:36:17 · answer #5 · answered by acmeraven 7 · 0⤊ 0⤋