Filling Out Tax Forms???

Question

Im filling out tax forms (w-4). I am single, just moved into an apartment I am subletting from someone else. Do I claim 0, 1, or 2 allowances? What happens with each? The job pays about $32,700 annually before deductions (401K, benefits, & taxes). Also, I have no dependents, live with my boyfriend, and am 21. Am I considered Head of Household too? Can I claim any personal allowances? Please Help! All help is so greatly appreciated! Thanks!!

Answer 1

You should claim single 1. If you want to, you can claim single 0 - that will have a little more taken out of your paycheck, somewhere around $10 a week, but you'll get the extra back when you file your taxes.

No, you are NOT considered head of household, nor is your boyfriend. That's only for people who have a close relative as a dependent, like a child who lives with them.

When you file your return, you will get one personal exemption of $3400, for yourself, and one standard deduction of $5350.

I am assuming here that your boyfriend also has a job. If he doesn't or if his total gross income is under $3400 for the year, you live together ALL year, and you provide over half of his support, then you might be able to claim him as a dependent. This would NOT qualify you to file as head of household though, since he's not a close relative.

Answer 2

You are single. At your wage rate you will have to have about $100 to $110 withheld if you are paid every two weeks depending on how much goes into your 401(k) plan. Two allowances should be about right.