Bought a condo late this year but plan on changing my exemptions for the 2008 tax year since i would not have enough itemize deductions for this year.
Will be filing as single and estimate my mortgage interest will be around 13-14 thousand and my property tax will be $3,500.
How many exemptions should I claim, Last year I claim 1 and got back 500 dollars.
I think i should be filing 3 or 4. Is 4 too much?
2007-12-14 06:35:01 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Here is what you do. On state always claim how many people you actually can have as a dependent. On Federal do this go to www.irs.gov in the bottom left click on more tools than click on IRS withholding calculator from there answer the questions at the end it will tell you how much you will get back and how many you can claim without paying in. I use it all the time I have my husband claim 6 on federal so we get more in his check than at the end of the year. On state I have him claim only 3 (himself, me and his son) State you should always only take what dependents you really have or you will end up paying in.
2007-12-14 09:19:54 · answer #1 · answered by Lish 3 · 0⤊ 0⤋
From the info you give, you should be OK with 4 or maybe even more. Go through the worksheets to get a good estimate.
2007-12-14 14:46:50 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
usually with exemptions.. the more u claim the more u get on your check every week... which means they take out less.. and ofcourse the opposite applies
2007-12-14 14:43:18 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You cannot claim more than one unless your married filing jointly and/or have children under 18 living in the household. Then you get one each for them, thats it.
2007-12-14 14:43:15 · answer #4 · answered by Sane 6 · 0⤊ 1⤋