2007-10-21 05:15:42 · 6 answers · asked by Jessie 1 in Business & Finance ➔ Taxes ➔ United States
Based upon your information, you can claim exempt since you will not owe any Federal Income Tax. However, you may still owe state taxes.
2007-10-21 15:02:04 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
You claim as many dependants as you have. With 5 kids, you claim 5 dependents and 1 personal exemption for yourself and 1 for a spouse if you have one. EIC only allows you to use 2 kids.
2007-10-21 22:34:43 · answer #2 · answered by Gypsy Girl 7 · 0⤊ 0⤋
You won't owe any tax, and should get something back from the Additional Child Tax Credit, plus anything that's withheld for federal income tax. You can claim 9 or more and not be in trouble at tax time. If you didn't owe any tax last year either, then you could claim exempt on your W-4.
2007-10-21 16:03:57 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
You will owe no tax. In fact you will get a refund from the Additional Child Tax Credit of over $2,000.
Take at least 7. If the same situation exists next year, you can put "exempt" on your W-4.
2007-10-21 12:29:44 · answer #4 · answered by ninasgramma 7 · 2⤊ 1⤋
You would claim seven (5 kids & 2 adults) when you file your taxes. You would probably get $3,400 for each exemption which will come to $23,800. The standard deduction for a married couple would probably be around $10,500.
2007-10-21 16:16:51 · answer #5 · answered by Gary 5 · 0⤊ 0⤋
You should be able to claim 1 exemption each for yourself, your spouse and each minor child.
2007-10-21 12:27:26 · answer #6 · answered by npk 7 · 1⤊ 0⤋