I always just claimed 1 or 2 in my W4 forms, but now I've jsut recently claimed 6. I've always had some sort of a return every year. How does claiming 6 change things for my taxes and paycheck?
2007-09-17 17:38:18 · 7 answers · asked by Red Bird 1 in Business & Finance ➔ Taxes ➔ United States
Claiming a higher number of allowances means that less will be withheld from your paycheck. Your refund, if you have one, will be lower by whatever extra amount you got in your paycheck - if the extra allowances cause you to not have as much withheld as your tax liability for the year, you won't get a refund and instead will owe the difference at tax time.
It doesn't affect the total amount that you pay, just when you pay it.
2007-09-17 17:51:22 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
If you don't have any dependents, but are thinking you should check the head of household box because you are the sole provider - you are NOT head of household for tax purposes, that's only if you have a dependent. If you only have one job though, and are talking about line B, then yes you could put 1 there, for a total of 2. If you claim 2 allowances, you could end up owing a fairly small amount when you file. Claiming 1 would probably be better. You say you just graduated. If you haven't been working, or haven't made much, during the first half of the year, you could probably get away with claiming 2 until the end of the year, but then I'd consider switching to 1. Depending on your income, you will very possibly be able to take an adjustment to income for at least part of your student loan interest - that won't help a lot this year since you'll just have December, but could help next year since you'll be paying all year.
2016-05-17 10:38:12 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The first guy is right, you will get a little more on your paycheck, but if you don't actually have that many deductions at the end of the year you will owe some money.
2007-09-17 17:50:45 · answer #3 · answered by lisa 2 · 1⤊ 0⤋
They will take less out of your paycheck, you will get less/nothing at the end of the year, and perhaps owe something.
2007-09-17 17:46:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Unless you have a valid reason for changing it to 6, the IRS may come after you for under-withholding
2007-09-17 18:34:33 · answer #5 · answered by Paladin 7 · 0⤊ 0⤋
You may also get a penalty if the amount you owe at year end is too high.
2007-09-18 03:33:36 · answer #6 · answered by r_kav 4 · 0⤊ 0⤋
you are going to owe big time when you file your return, I would change it back if I were you
2007-09-17 17:55:43 · answer #7 · answered by ctjedda 2 · 0⤊ 0⤋