What to put on tax forms.?

Question

I am single with no dependents and still live at home. What is the best to claim on my tax forms that I fill out at a new job? 0 0r 1 or something else?

Answer 1

It depends. You say you still live at home, but do your parents still claim you as a dependent on their tax return? If so, you will need to file single and 0, since you will not be able to claim any exemptions on your tax return.

If they no longer claim you, then it's a matter of preference. You can claim single and 1, have less taken out of your check each pay period, and have a smaller refund (or possibly owe depending on your income). Or, you can file single and 0, have a little more taken out of your pay, and have a larger refund (or at least less to pay) when you file your taxes.

Either way you pay the same amount of taxes. If you don't think you'll have the money to pay if you do owe the IRS come tax time, I'd file single and 0.

Hope this helps!

Answer 2

W-4 is used to determine withholding amount. Living at home are you a student? Are your parents taking your dependency? If not then just go through the worksheet portion at the top of the W-4. If you want a refund put down 0; otherwise 1 will give you a smaller refund. Assuming you are not itemizing.

Answer 3

1040EZ

The Form 1040EZ, Income Tax Return for Single and Joint Filers with No Dependents (nicknamed the "easy form"), is a simplified, six-section Federal income tax return, issued by the United States' Internal Revenue Service. Its use is limited to taxpayers with taxable income below $100,000 (as of tax year 2006) who take the standard deduction instead of itemizing deductions.

Other restrictions for 2005 include:

* Filing status must be single or married filing jointly.
* Filer must be under age 65 and not blind at the end of 2005.
* Filers must not claim any dependents (other than themselves).
* Taxable income must be less than $100,000.
* No adjustments to income can be claimed.
* The only credit that can be claimed is the Earned Income Credit (EIC).
* The only income to report for the tax year consisted of wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and filer's taxable interest was not over $1,500. But if the filer earned tips, including allocated tips, that are not included in box 5 and box 7 of your Form W-2, filer may not be able to use Form 1040EZ.
* Filer did not receive any advanced EIC payments.

Many taxpayers used TeleFile to file their 1040EZ, however filing by telephone has been discontinued by the IRS as of August 16th, 2005.

For Tax year 2006, there is also the EZ-T variant. It is used to only claim the Phone Long Distance Tax credit, when they otherwise are not required to file.

Form 1040EZ was introduced by the Internal Revenue Service for the 1982 tax year. The title of the 1982 form was "Income Tax Return for Single filers with no dependents."

you claim yourself as single.

Answer 4

If you can be claimed as a dependent by your parents, you should claim zero. If you cannot be claimed as a dependent, claim one.

Answer 5

I use percentage, not dependents. Ask your tax person.