W-4 Exemptions ?

Question

Last year I was able to claim married, 3 kids and a house, I think I had 5 exemptions and always got back about $1000. This year I am not married, the kids are not living with me, I pay child support and I own my own home. I have no idea what to claim on my W-4, so since last year I have claimed nothing and added $50 a paycheck. I am worried that I will have a tax bill that I can't handle so I essentially have had nothing withheld and am hoping for a good sized return? But I need a better understanding of what I should/can claim on my W-4. All suggestions welcome.

Answer 1

Easiest way to answer that question is to get out last year's tax return and recalculate your tax liability using this year's status and withholding. Your 2007 return will be relatively close to that result.

Answer 2

It depends on a lot of things, including your total income, but you should be able to file your W-4 as single/one allowance and come out pretty close to even. The $50 a paycheck will probably be refunded to you, plus maybe another few hundred dollars for claiming 0 on your W-4.

Answer 3

For 2008, you can claim one exemption for every $3500 in planned deductions. Planned deductions are your personal exemptions and the greater of your itemized deductions or standard deduction.

Do not use your child support payments as part of your calculation of planned deductions since they are not deductable.

In your divorce decree, are there going to be any years where you can claim the children for tax purposes? If you are not sure, then you will need to read your divorce decree. If the divorce decree allows you to claim the children for tax purposes, then you get all of the benefits of claiming the children regardless if they live with you or not.

Answer 4

I do not receive money from the United States
. I received my pension from another country> Do I need to do my taxes??

Answer 5

You would either claim 1 or zero on line 5 on your W4. Your fling status is "single".