I just received my college degree and I am starting a new job Monday. This is the first year I will be working as a single mom. I need help with how I fill out my W-4. I used to claim 0 when I had no children so I would get a larger refund back at the end of the year. Now I cannot afford to have such a large amount taken out each paycheck. I know a couple of people who are single mothers getting a $4000 tax return, but neither of them know how many they claim on their W-4.
I just need to know how many dependents to claim to get the maximum amount of money for my son and me. Do I claim 1 (for my son), 2 (for my son and me) on my W-4, or do I claim 0 on my W-4 and wait to claim both of us at the end of the tax year?
PLEASE HELP!!!
2007-08-23 15:30:01 · 6 answers · asked by Shelly L 2 in Business & Finance ➔ Taxes ➔ United States
claim single - 2 on the w-4 and you should have a small refund (plus probably the child tax credit if child is 14 or under) and maximum weekly take home pay.
2007-08-23 15:40:33 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You can still claim 1 and head of household. Not sure if you will be getting back 4 grand. But you do get about 1500 a child in california. If you are making good enough money now, don't worry too much about the end of the year. I'm a single mom of three and I got about 2 to 3 grand back claiming them and then me head of house hold. I received that until they left for school, last year....when they turned 18. But still received some money back because they still live with me....hopefully they will move next year....hahaha
2007-08-23 22:55:57 · answer #2 · answered by Glennette B 1 · 0⤊ 1⤋
You can actually claim 4, or even more, depending on how much your income is, if you'll be claiming your son as a dependent - two for the exemptions for the two of you, plus one if you'll be filing as head of household, plus another one or two because you'll get a child tax credit for him - see line G on the personal allowances worksheet.
Depending on your income, you might also be eligible for an Earned Income Credit. If you are, you could take even more allowances and still be OK. That's probably what you've heard of with people getting big refunds.
Congratulations on finishing school, and good luck on your new job.
2007-08-23 23:05:44 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Claim 2, one for you and one for your son. I agree w/Dr.Death, that will give you the maximum take home pay, and less tax refund at the end of the year.
2007-08-25 11:18:52 · answer #4 · answered by Chris 3 · 0⤊ 0⤋
When they give you the form, there is a worksheet that comes with it. Just follow and fill in as it explains and you will end up paying about what you will owe at the end of the year.
2007-08-24 02:18:13 · answer #5 · answered by towanda 7 · 0⤊ 0⤋
.. that cant earn the money themselves- therefor your son would be your dependant meanign you would claim one. Also there are tax credits and stuff for having children
2007-08-23 22:46:29 · answer #6 · answered by amandica82 4 · 0⤊ 2⤋