I am going on a trip in December and want to go from claiming 2 to 10 on my W4 for more of a return. Does anyone know if I do this for the last 4 paychecks of the year, if it will really hurt me on my taxes altogether? I gross about 25,000 and net about 18,000. If you need more info. you can email at sisc10kd@yahoo.com. Thanks in advance!
2007-11-01 01:53:35 · 4 answers · asked by Independence Baby - 7/4/09 4 in Business & Finance ➔ Taxes ➔ United States
Number one, that's illegal. No 2, it will wash out when you file your actual taxes b/c you will have not paid enough during that period, and you will have to pay it in April, number 3, I highly doubt your HR department will allow you to do that.
2007-11-01 02:10:40 · answer #1 · answered by redwine 6 · 2⤊ 1⤋
How many dependents do you really have? If you really have more than yourself and one dependent and just haven't been claiming them during the year, you would probably be OK although whatever you get extra in your paycheck, you won't get in a refund - it's the same money, just changes when you get it. If you claim 7, they probably won't take anything out for federal income tax, or very little. Only do this if you would otherwise expect to get a refund. If you don't have any dependents and it's just you on your tax return, don't do it.
2007-11-01 10:26:09 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Since you only make $25000, you should be able to claim 10 exemptions safely. However, you will need to change it back to be safe.
2007-11-02 19:02:11 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
You will automatically qualify yourself for an audit . . . anything over five is automatic.
2007-11-01 09:09:23 · answer #4 · answered by CHARITY G 7 · 0⤊ 2⤋