2007-12-20 08:19:26 · 17 answers · asked by clock1234@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States
If your daughter is not going to be your dependent for 2008, then change your W-4 (withholding) by reducing your allowances ASAP.
If your daughter is going to be your dependent, then do nothing.
Your daughter will be your dependent under two different sets of qualifications.
QUALIFYING CHILD: She is a full-time student (living at home or away at school) and did not provide over half of her own support.
QUALIFYING RELATIVE: She is not a qualifying child, but she had less than $3,400 of income and you provided over half of her support.
2007-12-20 10:55:59 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
In 2008, are you no longer claiming her as a dependent on your tax return because she is 19 or has she moved out of the house permanently?
If she is a college student, you should be able to claim her unless you are no longer providing any support (including housing).
If it is a permanent move, then reduce your allowances on your W-4 by 1. It's better to do that now so it will appear on your January paycheck.
2007-12-20 18:41:35 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
You mean your W4 form at work, Line 5. You can change your W4 every day of the year if you want. If you daugther is a full time student then you can still claim her before she turns 24.
2007-12-20 20:59:34 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
Depends on if you want more or less withholding. As soon as you reduce the number of dependents, more taxes will be stolen , er, uh, removed, from your check. It makes no sense to overpay because that refund is the amount you loaned the IRS at zero interest. Better to owe a little and cut them a check when you send in the 1040 form.
2007-12-20 16:24:25 · answer #4 · answered by who WAS #1? 7 · 1⤊ 0⤋
Your W-2 is a statement of earnings. I'm guessing you meant W-4 and are asking if you should adjust your withholding. If you can still claim her as a dependent (full-time student, etc.) on your return, you don't need any change. If she is living on her own and will claim herself on her own return, you should adjust your W-4 accordingly.
April 15th is the filing deadline, it had nothing to do with withholding adjustments.
2007-12-20 16:25:57 · answer #5 · answered by Anonymous · 2⤊ 0⤋
It doesn't matter-- you are taxed on a calender year unless you're filing as your own business (which I take it that you're not if you're just using a typical W 2 form). The April 15th date is the due date for your LAST year's taxes.
2007-12-20 16:22:55 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You mena your W-4?
IF you will not claim her on your income tax next year, take her off ASAP. You don't want them to withold too little for four months.
Just be cause she is 19 does not mean that you can't claim her as a dependant.
2007-12-20 16:22:32 · answer #7 · answered by Anonymous · 2⤊ 0⤋
It doesn't really matter when you do it because the tax year is counted Jan. to Dec. Tax day has nothing to do with it. Whenever you do take her off you will need to note how many months of that year you can claim her for and you should still get a little bit next year.
2007-12-20 16:23:02 · answer #8 · answered by Colonel Obvious AM 6 · 1⤊ 2⤋
before april 15
2007-12-20 16:22:43 · answer #9 · answered by Anonymous · 1⤊ 1⤋
A lots depends on if she's working, how much she makes and your supporting her or if she's a full time student. I would still claim her.
2007-12-20 16:29:58 · answer #10 · answered by ej3dval1 6 · 0⤊ 1⤋