Rob K
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Yes you can claim 99, for that matter if you did not have a tax liablity the previous year and do not expect one the current year which does apply to allot of taxpayers you are able to claim exempt.
Now at the end of the year you owe money and do not pay it and the IRS steps in and forces your employer to change it then you are done and they will decide how many exemptions you will claim or they can state you have to have extra taken out.
The W4 is just a tool in our pay as you go income tax system. You will never have a problem as long as when you file your return you pay what you owe if you owe any. Your tax if figured when you file your return not based off your W-4....The W4 just helps most Americans estimate what they need to pay each year. |
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v b
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Unless you can show that the worksheet on the W-4 comes up with 99, you can't claim that many.
Your employer can refuse the form.
Even if they accept it, the IRS can send your employer a "lock in" letter stating that from then on, you get to claim single-1. |
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Judy1
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And besides what the other people said, showing 99 wouldn't end up any different from claiming 20 or so unless you make a very large income. |
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wartz
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Even Osama ben Laden doesn't have 99 dependents. Remember, Form W-4 is signed under penalty of perjury. You can claim what you are entitled to. |
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superj300
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You can put as many dependents on your W-4 as you want. All this will do is cause less and less taxes to be withheld from your paycheck. This is perfectly legal....albeit extraordinarily foolish. Will your employer and/or the IRS (if it ends up being submitted to them) accept it? Most likely not.
However, if your employer and payroll department or payroll company somehow accepts and uses it, and the IRS isn't aware of it and requires a lock-in, when you file your taxes at year-end, you will find that they have withheld far too little (probably zero) to cover your tax due, since claiming 99 nonexistent dependents on your tax return is, indeed, illegal. You will then not only owe the IRS the tax, but underpayment penalties and interest on top of it. |
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travelguruette
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You can claim that many on your W4 but it does not accomplish anything. You can claim around 6 and it should stop taxes from being taken out. If you owe 1k or more at the end of the tax year you will have penalties. |
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Kay
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If you do not have 99 dependents, you cannot make the claim. IRS will get you or the employer before IRS. Go to www.irs.gov and read up on the IRS' definition of the "dependent." |
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recycle b
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Bill Gates and Warren Buffet have much more money than you will ever see in your life. They pay a lot in taxes. They have a lot of people that they are supporting. They do not even claim anywhere near 99 dependents. Even if you tried to claim that much you will definitely be labeled as a tax protestor and will be in big trouble with the IRS.
In addition to back taxes and interest, you will most likely be assessed a penalty. |
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Jss
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No.
About the allowances you should claim on W4: http://taxipay.blogspot.com/2008/02/filing-w4-employees-withholding.html |
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MeInUSA
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NO.it will be rejected.. |
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doreen k
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Not unless you have 99 dependents. There is another option, though, that might suffice. You can claim exemption from withholding, if you qualify, and they will not deduct any taxes. You may have to file quarterly estimated taxes, though. |
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John Scott
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It's not illegal, but you could be hit with a $500 penalty for putting false information on the form. You should consult IRS publication 919 to determine how many exemptions you should claim. You can also use the Withholding Calculator on the IRS web site. |
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Brenda
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What's your best quess ?
Why would anyone want to make up information for a tax form ? |
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