Can I claim myself as a allowance on my w4?
If your income is less than, say, $50K and only from wages, single/2 is usually just about right for breaking even. You can use the "withholding calculator" at irs.gov to fine tune your W-4. As for claiming the relative, do you meet all the tests?
You are allowed to claim more deductions than you actually have, or fewer. The number of deductions that you claim will effect how much the employer withholds in income taxes from your salary. If you claim more dependents than you actually have, you will potentially less tax withheld than you owe. If you claim fewer, you will have more tax withheld and may be due a refund when you file for that tax year.If you are a single college student, you would normally only claim yourself. If your mother or brother are financially dependent upon you, you could claim “3”, counting yourself. If you are not providing their financial support, you would not claim them.This will not affect your mother’s tax return, if she claims you as a dependent on her tax returns, so you need not be worried about what number you claim.Most people in your circumstance would claim only themselves.
How many allowances should I claim on my W4?
Put however many (or however few) exemptions you want. Even if they take out zero for income tax, it will be enough for a person who qualifies for "head of household", does not make more than $15,700, can claim a dependent, and cannot be claimed as a dependent by anyone else. (First, $15,700 or less minus $8400 standard deduction minus two $3650 allowances for yourself and your dependent leaves no taxable income. Second, even if you do have taxable income, if the tax on that income is less than the child tax credit, then you still have no net tax.) You did not get screwed last year. Because you earned nothing, you were not entitled to anything for your dependent. Although a person with income may be entitled to money for having a dependent and an income, a person with no income is not entitled to any money just for having a dependent. You may have done something else wrong last year, but not this. If you had claimed any money for having a dependent last year, that would have been something wrong.
You heard right; claiming more exemptions will make you owe more taxes at the end of the year. Claiming fewer will make you owe more taxes right now. It all works out to the same amount.First, you should never claim more exemptions than you are entitled to. If you could be considered the dependent of someone else, you cannot claim yourself on your W-4 or your tax filings. This is true even if they do not claim you. The IRS does not permit people to negotiate who is and is not a dependent. You are or you aren’t.Second, it is not a bad thing to owe more at the end of the year. It means you have taken home that amount, and had the use of that money all year. Getting a refund is not free money; it is a very late refund of the taxes that you have been overcharged all year. If, someone overcharged you and waited twelve months to return your money, you would be pissed. When the US Treasury does it, suddenly people feel like they’ve gotten their year-end bonus.Finally, while its not a bad thing to owe at the end of the year, you shouldn’t owe too much. An “estimated tax penalty” may apply if you owe more than 10% of your year’s taxes at the end of the year.Usually, filling out your W-4 with the actual number of exemptions will get you pretty close to the correct withholding. You can put a lower number if you’d like to give Uncle Sam an interest free loan all year. And if you’d like to have a really huge tax refund at the end of the year, you can send in tax money any time you like (using Form 1040-ES).Consult a qualified tax professional for reliable advice.
Garrick's answer is a good one.Basically what you need to realize, is that the correct amount of taxes will be paid at the end of every year if you file your taxes correctly. If you claimed zero allowances, then there's a high possibility that you paid too much in your taxes, and thus should be entitled to a federal and state refund (this is usually awarded to people between the months of February and April depending on when you file your taxes). By "claiming zero" it means that you don't claim any children, or a spouse, AND you're saying that someone else is claiming YOU as a dependent. Most people who claim 0 on their W-4's are young adults who still live at home, or are still at least claimed by their parents as a dependent (being a dependent has a few different meanings - you receive a significant amount of financial help in order to live for example.)By claiming zero you'll notice that a lot of your money is taken out every paycheck. This however ensures that you're not paying too little, and therefore won't have to pay anything to the government when filing your taxes. This is a great question to ask right now, because a lot of people are filing their taxes (this is written in February of 2016)People reading the answers to this question are most likely younger people, often in college. So just remember that when you file your taxes, you should be able to get a tax credit for the tuition cost of your semesters in college. Not the FULL cost of course, but the tuition, as well as books and things like buying computers, also helps with tax returns.If you're not married, and you don't have kids, you most likely will claim zero, or one allowances on your W-4. If you think your parents still claim you as a dependent, then put zero. If they don't, then put one.http://www.rapidtax.com/blog/bre...
When filing my income tax, can I claim myself as a dependent?
I think you are confusing filing your taxes with the exemptions claimed for withholdings on your W4 forms. You cannot claim yourself as a dependent on your tax return, however, on your W4 form, you can claim 0, 1, or any # to alter the amount of tax withheld from your paychecks. Higher the #, less is taken out. But don't think "oh, I'll claim 20 and have virtually nothing taken out". When tax filing time comes around, if you don't withhold enough, you are going to have to pay into the IRS. If you owe alot, you are also going to pay a penalty on top of the tax owed. Claiming 1 on your W4 should do no harm and will simply lower the amount of taxes taken out of your paychecks.
I have 1 for exemptions/allowance, does that mean i have dependants to claim?
Dear TD: Your W4 is just a guide for your employer and has nothing to do with filing taxes. When you file you will claim one exemption (you) on your 1040EZ or 1040. If you were married you would claim 2 one for you and one for your spouse. If you were married you could still leave your W4 as is and then the employer would probably take out a little too much tax during the year-that's OK. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
Honestly, Lisa, as someone else's dependent, 0 would be the typical number of exemptions you can claim, however, it depends on what your current financial needs are, how they may change and what you’ll owe and be able to pay when tax time rolls around. I recommend that you speak with your parent's accountant.
Number of federal allowances if single?
By the time you prepare your tax return you will be able to see if you underpaid through withholding. You have one exemption and either the standard or itemized deduction. All that will offset your liability to the IRS. You may owe very little. It is a good idea to claim enough exemptions on the W4 to end up owing a small amount of tax. If you underpaid by too big an amount, you may be subject to a penalty. If you have too much deducted you are lending money to the government at zero interest. There is a little known issue that you can use. Whatever money is withheld from your salary, it is considered withheld evenly throughout the year. When I was employed, at one point I claimed 9 exemptions on my W4. Around the end of October, I filed a new W4 form and requested a very large withholding in November and December, almost half of my paychecks for these two months. So I was able to bank the extra money I collected throughout the year, and the last two months withholding are viewed by the IRS as being paid evenly through the year. I calculated the final withholding to make sure I don't pay an underpayment penalty, but owed a small amount for paying in April when I filed the tax return. For the following year I again filed a new W4.