With my 19 year old and baby and my son, should I claim more on my w2's now so not so many taxes are taken out? Will I still get a refund next year? Would I get child credit for my daughter if she is living at home rent free?
2007-10-19 08:57:20 · 8 answers · asked by Maria C 1 in Business & Finance ➔ Taxes ➔ United States
The more you claim the less will be taken out of your paycheck every pay period but if you claim too many that will leave you oweing money when tax time comes around. If you want a refund you should only report yourself. They'll take out a lot more than necessary but you'll get it back when you submit your taxes.
2007-10-19 09:02:03 · answer #1 · answered by hootie 5 · 0⤊ 0⤋
It's a W-4, not a W-2. And you don't give enough info to give you a real good answer.
If you are single and have three children who qualify as dependents (you mention a 19 year old, a baby and a son - I'm not sure if those are three different kids - then later you mention a daughter, I'm assuming that's the 19 year old), then you could take one for yourself, one for each of the kids, and depending on your income, one or two additional for each child who qualifies for a child tax credit.
The 19 year old doesn't qualify for the child tax credit - that's only given for kids under 17. The 19 year old can only be claimed as your dependent if she is a full time student - otherwise you can't claim her as a dependent even if she lives at home and you support her.
You might or might not get a refund next year - if you do, it will be smaller by whatever extra you get in your paychecks by changing your W-4. It's the same money - claiming more allowances on your W-4 just means you get it sooner, in your paycheck rather than in your refund.
If you'll give a little more info on how many kids you actually have, their ages and student status, and whether anyone else can claim any of them as dependents, and whether you're a single mom, you can get a better answer.
2007-10-19 19:50:09 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
1. You mean W-4's. That is the form that determines your withholdings. The W-2 is the form that the employer provides at the end of the year.
2. The child tax credit is only for a person who was under age 17 at the end of the year, not a 19 year old.
3. You do not say how many you are claiming now. If you claim more, you might or might not still get a refund. If you did, it would be smaller.
2007-10-19 16:27:30 · answer #3 · answered by StephenWeinstein 7 · 0⤊ 0⤋
10
2007-10-19 15:59:59 · answer #4 · answered by dawn666annapolis 6 · 0⤊ 0⤋
Your 19 year old is an adult...She has her own taxes..you can not claim her anymore I believe UNLESS..she is going to college full time and lives at home.
You really should see a professional advice when it comes to the IRS
2007-10-19 16:00:22 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Call your tax person.........they will be the best to answer this....remember, taxes vary from state to state. The HR person for the company you work for might have some info as well.
2007-10-19 16:01:37 · answer #6 · answered by adnerb 4 · 2⤊ 1⤋
You and I both know you should asking a tax advisor, but you might not the money to pay for the advise, soooooo. ask your administrative officer about this. He/she may be able to help
you with this problem!
Good luck!
2007-10-19 16:11:34 · answer #7 · answered by THE Cupid HATER 7 · 1⤊ 2⤋
You will only be able to claim your 19 yr.old if she is going to school and not working. My husband claims all of us which is 5 and he makes less than $30,000./yr and our return last year was $6000.00. So the more you claim, the bigger the return.
2007-10-19 16:02:26 · answer #8 · answered by kelly 2 · 0⤊ 4⤋