Im single, working fulltime, one job mother of one. Currently, Im claiming Single 1. Can I claim single 2, to include myself as an allowance as well as my child? Would it make a signifgant difference in my paycheck?
2007-10-17 11:56:08 · 6 answers · asked by jewels 1 in Business & Finance ➔ Taxes ➔ United States
You can actually claim as many people as you wish whether 0 or 100. The amount will reflect how much in taxes is taken out of your check each pay period. Of course, this may mean that you will owe more at the end of the year.
2007-10-17 12:00:13 · answer #1 · answered by Einstein 3 · 0⤊ 1⤋
You can always change your W4 form at any time. You should only claim what you are entitled to. You can claim zero, one or two. It will make a some what of a difference in your paycheck. If you can zero that you can probably expect a one time refund at the end of the year. Or would you rather have more money throughout the year and a littler refund at the end of the year. I would claim just one on your W4. When you file your 2007 taxes then you would claim two. By the way, if you have a "qualifying child" living with you and you maintain your home then your filing status would be "Head of Household", you would get a bigger standard deduction.
2007-10-17 13:08:48 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
You can claim two..... they will take out less in taxes which gives you a bigger paycheck each week, but you might have to pay at the end of the year.......but since you are single and can use the different credits such as child care, etc... you will probably get alot back.......
2007-10-17 12:01:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It won't make a big difference in your paycheck but it will make a big difference at tax time...the more points you claim the more you'll have to pay back!!! But if are claiming a child and are head of household and no one else is claiming the child 2 is the right decision!!!!
2007-10-17 12:07:29 · answer #4 · answered by ? 4 · 0⤊ 1⤋
Yes, you can claim single 2 if you are providing primary support for the kid. If you have your own household with dependents, you can also file as head of household. Yes, it will make a difference, significance depending your needs.
If you earn under $500 a week, it will make about $10 difference.
http://www.irs.gov/pub/irs-pdf/p15.pdf
You may also be eligible for an Earned Income Tax credit.
2007-10-17 12:03:56 · answer #5 · answered by Mike1942f 7 · 0⤊ 0⤋
Yes you can claim two. Technically you could claim more than that, but it's not a good idea. You want enough coming out of your check to cover your taxes so you don't have to pay come April, but you don't want to have the government taking too much. Don't use the IRS as a savings account - they don't pay you interest.
2007-10-17 11:59:23 · answer #6 · answered by Angie 6 · 0⤊ 1⤋