single mom of 2, head of household, what # should I claim so I get more $ in my paycheck, but not have to owe?

Answer 1

There isn't enough information to give you an accurate answer. But, based upon the information that you presented, I think that you can safely claim 5 exemption and still get a refund. This assumes that you don't itemize and don't claim any other tax credits that could be allowed.

Here is why. Regardless of your income, you can claim 1 exemption on your W-4 for every $3400 in deductions that you plan on having. In your situation, you have $17350 in deductions already ($10200 in personal exemptions and $7150 for the standard deduction for being head of household). $17350/$3400 = 5.1. Therefore, you can claim 5 exemptions on your W-4.

There are more deductions available if you review last year's tax return and your most recent pay stub. Here is a possible list:

1. 401(k) deduction. Do you contribute?
2. Health insurance premiums. Your employer may let you take your health insurance premiums out before taxes are paid.
3. Flexible spending accounts. You can have money taken out of your check to help pay for medical bills and licensed day care services before taxes are taken out of your check.
4. Itemized deductions. If your itemized deductions are greater than the standard deduction, then you itemize. For example, do you have a mortgage? If you do, then you are probably itemizing.
5. Tax credits. The more obvious ones are the Child Tax Credit, Earned Income Credit, and the Child and Dependent Care Credit. These are actually tax credits and not deductions. These will need to be converted to deductions for W-4 purposes. Just be careful when doing the conversions.

You can read Publication 15 for more details.

Answer 2

You've filled out the 1040 before so you know to take the figure for head of household. I would assume you claim 3 (yourself and 2 kids... as long as there's no one else claiming them). I'd be surprised if you had to pay. You should be getting money back. I also have little extra taken out of my pay for both State and Federal. No, i don't make a lot of money, but that helps come income tax time. I get that extra back. So it comes out a little at a time with each paycheck, but you get it back in one lump sum.

Answer 3

Generally speaking, 4 withholding exemptions should work for you, but this entirely will depend on whether and how much other income you may have. If you have been eligible to receive the Earned Income Credit in the past, request information from your employer concerning claiming what is called the "Advanced Earned Income Credit." If you qualify, this could increase the amount you receive in your paycheck, instead of decrease it. But don't expect to get much back at tax time (because you got the money in "advance"---get it?"

Answer 4

If you claim 4, you should be fine, as long as at least one of the children is under 17 so you get the child tax credit. If they both are under 17, you'll probably still get money back at the end. And if you qualify for EIC, you'll probably get quite a bit back.

It depends on what you make total, and how old the kids are - you might even be able to claim more than 4 and still be fine.

Answer 5

Single mom,
You can claim up to ten exemptions on your taxes so you have more money during the year. However, if you claim all ten during the year and then claim two at the end of the year, 'the man' will come looking for the money owed by the 8 child difference. If you're disciplined, you can use this extra money during the year to make a little extra cash. But remember, the IRS will come looking for either those 8 extra kids or the money.

Answer 6

well for yourself you are going to claim 2 for head of house hold and then you are going to claim the kids which is 1 each i believe.
I have been claiming 4 for about 3 years and haven't had to pay back anything. i have kids and i don't pay into federal tax or state but i do get EIC back each year.
i hope this helps.

Answer 7

Ignore Robert K's advice....claiming exemptions that you're not allowed is illegal. You sign every tax return you send in which says everything you're stating is true & accurate to the best of your knowledge and by lying, that constitutes an intent to deceive the government.

Answer 8

Please see the link below. It's a worksheet you can fill out to figure out how many allowances to claim.