First off what is the difference. Mostly what is the best way to select these things if you want to get not too much or too little back on your taxes and NOT have to pay at the end of the year. Here Is my situation. I am married and plan on filing jointly because that is best RIGHT so.. should I claim myself AND my husband as an exception or NO? I don’t understand this. If I do should he do the same? Any feedback would be great.
2007-10-05 09:17:10 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
A dependent is a person. An exemption is an amount you get to subtract from your income and not pay tax on. You get one exemption for each dependent, plus one for yourself (two on a joint return, for the two of you).
Filing a joint return if you are married almost always saves you taxes overall from filing as married filing separately, your only other choice. When you file your joint return, you'll get two exemptions, one for each of you. On your W-4's you should claim a total of two, not each claim two, allowances.
2007-10-05 10:18:26 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You cannot claim someone as an exception. If you both work, you should each claim only one person, not both, as an exemption on your W-4's. You should claim your husband as an exemption on your W-4 only if he does not work. If you file jointly, claim both on the 1040, unless someone else (other than the two of you) can claim one or both of you.
Dependants are persons, other than yourself and your spouse, for whom you claim exemptions on your 1040.
2007-10-05 17:02:50 · answer #2 · answered by StephenWeinstein 7 · 1⤊ 0⤋