Those income tax forms... some people say put zero. But I am married, and there are debts that I am still paying from wedding and school loans (sigh).
2007-08-24 16:08:13 · 5 answers · asked by suninmyeyes 2 in Business & Finance ➔ Taxes ➔ United States
I have no children, recently married, 26 yrs old.
2007-08-24 16:24:03 · update #1
If both of you are working and you don't have any dependents, you might be wise to put zero, at least until you see how you come out at the end of the year. You can legally put one, but could end up paying at the end of the year when you file your tax return.
If you meet income requirements and file a joint return, you'll be able to deduct some of your school loan interest. It's taken as an adjustment, and you don't have to itemize to take that.
Steve's advice to claim five total could get you in serious financial trouble at tax time, since you would probably owe quite a bit of tax.
2007-08-25 04:05:04 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You and your husband can claim a total of one exemption for every $3400 in planned deductions. Assuming that you don't itemize, you and your husband could have claimed 5 exemptions for the whole year and still come close to breaking even on your taxes.
Since there are almost 4 whole months left in the year, you can adjust your exemptions on your W-4 to try to bring home more money.
You can use your 2006 taxes as a guide.
2007-08-25 02:38:37 · answer #2 · answered by Steve 6 · 0⤊ 1⤋
You want to withhold the appropriate amount. If you withhold too little now, you will have to pay it in April. Just fill out the correct number of exemptions.
2007-08-24 16:12:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
When you claim zero they take the most taxes out. Ask to claim one.
2007-08-25 04:10:05 · answer #4 · answered by Chris 3 · 0⤊ 0⤋
do you have kids, how much do you both earn, need more info email me
2007-08-24 16:12:16 · answer #5 · answered by doc_up72 5 · 0⤊ 0⤋