When I was married I usually always had myself listed as single and claiming 0 allowances for my paychecks so they would take out the maximum they could in taxes so that we didn't owe at the end of the year. Starting in January I would like to claim more allowances (maybe 2 or 3) so that I will have more money in my paychecks. I am divorced now and I have custody of our son so I kind of need more money coming home with me. I am concerned though, that I wouldn't be able to get a refund when it came time to do my taxes and that I'd end up owing money. Does anyone know if I would definitely get money back no matter how many allowances I claim since I do have a child or could I still end up owing? I don't make alot of money, btw.
2007-10-25 11:54:26 · 5 answers · asked by love my life 2 in Business & Finance ➔ Taxes ➔ United States
If you have custody of your son and can claim him as a dependent, you'd be safe claiming 2, and safe with 3 if he's under age 17 so you can take a child tax credit for him.
If your annual income is under $32,000 and your son is your dependent, you should be able to get an Earned Income Credit.
2007-10-25 12:27:03 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
If you are single with a dependent (sounds like Head of Household filing status to me) you will most likely be ok if you don't claim more than 2. The general rule is number of allowances should be same as exemptions. Now keep in mind it's not perfect, but it is likely you may come out even, depending upon where you live and tax rates, etc. The W-4 should have a little computation area to help you determine if "2" is appropriate.
2007-10-25 19:30:23 · answer #2 · answered by Country Boy 5 · 1⤊ 0⤋
Complete your federal tax return for the amount you expect to make and see how much you will be paying in taxes. Compare that to what they take out of your check. Don't forget to include Earned Income Credit. You may be getting a lot back depending on how much (or little) you make.
2007-10-26 15:48:15 · answer #3 · answered by Gypsy Girl 7 · 0⤊ 0⤋
http://www.irs.gov/individuals/article/0,,id=96196,00.html
Try that link. Answering a few simple questions will let you find out the answer for yourself. You don't have to give your name either.
2007-10-26 11:33:43 · answer #4 · answered by David S 4 · 0⤊ 0⤋
Well......
Maybe
2007-10-25 19:02:20 · answer #5 · answered by ღαlyȿȿαღ 4 · 0⤊ 3⤋