how many dependents could I claim for my tax returns
2007-12-11 11:14:57 · 5 answers · asked by brandi_1_1980 1 in Business & Finance ➔ Taxes ➔ United States
Need more info to answer.
2007-12-11 11:25:44 · answer #1 · answered by hsingh86 2 · 0⤊ 0⤋
You don't claim dependents on a W-4. You claim withholding allowances. The instructions on the W-4 will explain how to fill it out. You do generally claim one allowance for each person in the family unit. Then you may have to adjust that up or down if you have a spouse who works, hold more than one job, or have adjustments to your taxable income like itemized deductions, etc.
You claim dependends when you file your tax return. You can only claim the dependents that you are legally entitled to, in most cases that would be your children.
2007-12-11 13:19:43 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Did you file last year, and if so, how much of a refund did you get.
If you got a refund, you certainly overpaid, and what makes matters worse is you gave uncle sam the free use of your money.
I would suggest you claim one more then you actually have, plus if you put in $2000 per year into an IRA, I would claim 2 extra.
If you have to pay tax's when its time to file, its best to pay uncle sam, rather them him pay you.
Compare this to get a better understanding.
You get a 600 dollar refund at the end of the year. Interest earned on the $600. Absolutely none.
You pay 500 dollars at the end of the year, interest you pay to uncle same....Absolutely none.
It these figures are close to what you are currently doing, claim 1 more exemption and put the extra $50 a month into your bank account, pay off your credit cards, auto loans or personal loans.
2007-12-11 12:50:40 · answer #3 · answered by Larry B 2 · 0⤊ 0⤋
You should claim the number of allowances that you are actually entitled to. There are worksheets with the W-4 that help calculate this. If you're asking for a number here, we'd need a lot more info - filing status, number of dependents and how they are related and their ages, do you itemize and if so about how much are your itemized deductions, do you have any adjustments and if so what and how much.
2007-12-11 14:43:43 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
There is no standard answer for this question.
Everyone's circumstances are different, so the only way to tell is to crunch the numbers. You need to complete the worksheet which comes with the W-4.
2007-12-11 11:51:46 · answer #5 · answered by taxreff 7 · 0⤊ 0⤋