 What happens if two people file for the same person? |
| my dad files income tax with me as a dependent but now im 19 years old and i think i have to file for myself. do i?... |
|
 Who here believes that Income Tax is required by law and exactly what laws are there to this effect? |
| I do mean to refer to Federal Income Tax. Re: IRS. Since we are creeping up on that time of the year. I just wanted to see who was still under the presumption... and who has since dispelled the ... |
|
 If my parents claim me on taxes, does that hurt my refund? |
| I don't live w/ my parents anymore but I did for 9 months of last year. My mom wants to claim me (like she has every year before I've moved out). Does having my parents claim me on their ... |
|
 How can u know if somebody already got their income tax?? |
| ok here's the story we found out that my dad has another family and he has me n my 3 sister under the income tax so he gets money from us but he never gives us a penny of it, my mom n dad are ... |
|
 Does turbotax work well? |
I have seen all of those commercials on TV and was thinking of using it in the future. Is it easy use? Is it worth it? Let me know what you think. Thanks!
Additional Details
thank ... |
|
 I won 500,000 GBP in google anniversary gift what do you think ? |
| my dear friends i receive a mail from infolotto@gmail.com it say's i won a google anniversary gift prize 500,000 British pounds is this true ? is there any google anniversary? and one more thing ... |
|
| Who pays for other peoples sick pay, maternity pay, jobseekers allowance etc? |
| I was just wondering, who pays for these things? My friend has been laid off from work and is on job seekers allowance (dole) and my other friend commented about it saying 'all us working people ... |
|
 How does a person have a business and not be found or made to pay taxes? |
| my ex husband has a business that is not files with the state, but operates like a ligitiment business. He does not pay taxes. Is there a legal way to make him pay his taxes?... |
|
 Is it illegal to overpay taxes? |
| I filed taxes for the first time Jan 2008. I made about 5000 for the year first job only worked 5 months. Anyway had my job taking my 125 out each of my checks eventually adding up to 2000. I ... |
|
 I stil haven't gotten my tax return back!? |
| I filed an extension for my taxes in April and had until Oct. 15th to file. I sent everything in around the middle of September and still have not receieved my tax returns....is this normal? I'm ... |
|
 My partner has been sent a tax bill for 11.000 pound but he hasn't been self employed for 5 years.? |
| for the past 5 years my partner has not been self employed he has worked for a building company and in a wearhouse and pays tax though his wages every week so why does he keep having letters saying ... |
|
 Do you know when recession or credit crunch will be over in the UK? |
When will the recession in the United Kingdom be over, and the market up and running again? I hope not in 2010!!!!
Please tell me your source...
Additional Details
If some ... |
|
 Am I liable for my husbands taxes - he doesn't file taxes? |
| Married 12 years - husband is self employed. In 2000 I found out that he had not actually filed the taxes and after I threaten divorce he did file and pay (as far as I know) for 1995 - 1999. At ... |
|
 Why are groceries taxed in some States? |
| Groceries are a necessity of life. Why is food taxed? It seems that State governments only wish to harm the poor and low income.... |
|
| Do you agree or disagree about the tax rebate checks? |
| i think it's so unfair the way it was decided on when you will get your rebate.i think it should have went solely based on when you filed instead of your last 2 digits of social.b/c who has ... |
|
 Is the 800 per person tax credit a for sure thing? |
| or is it still just being talked about? I'm a little confused on what this would mean. Hypothetically, if you got 300 back in taxes normally, would this mean you would get a check for 1,100 ... |
|
|  |
shirt | Claiming seven dependents on taxes? |
Is it possible to claim 7 dependents on the tax forms?
Is there any reason or benefit for this? We have a friend who does this and I dont think he has seven dependents. His wife works and they have two kids. |
 |
 
wartz
|
He may have hefty write-offs for home mortgage interest and taxes. |
|
v b
 |
The W-4 form uses "withholding allowances" not dependents. Each allowance is the equivalent of not being taxed on $3000 of income. If your friend has high itemized deductions, the kids are under 17, yeah, 7 may be the right number for him. for all you know, the wife puts down ZERO on her form and they send in estimated tax payments as well.
The proof is when he files the return. If he owes more than $1000, he has to pay an 8% penalty on the shortage. |
|
Judy1
 |
On his actual tax form, no. But on his W-4, that's very possibly OK. Allowances aren't just for dependents. For example, if his kids are under age 17 and their joint income allows them to get the child tax credit for them, he can take 2 extra allowances for each kid, so 3 per kid, plus himself and his wife, are 8 - he can claim 7 and she can claim 1. If they have other deductions or credits, they might be able to claim even more and not have to pay at tax time. |
|
maxmom56
|
The tax form in question is probably the W-4 and he's trying to have as little as possible deducted from his pay. As long as he doesn't end up owing an excessive amount at the end of the year, it's fine. |
|
djogkoji
|
The higher the number on your W-4 the less you have taken out of your paycheck. Pro: You can use the money to invest or for tax- deductible purchases before Uncle Sam get's his piece. Con: He'll have to pay it come tax time if he doesn't have enough to write off. |
|
Clark Kent
 |
He can claim them on his W-4, but unless they exist, he cannot claim them on his Form 1040 unless he 'invents' some dependents and 'invents' or steals some social security number. If he invents the SSNs, the IRS matches them to their files and would disallow the phony ones.
There is nothing wrong with claiming extra dependents in some cases because the person may have a lot of itemized deductions, tax credits, loss carryovers, etc, that might wipe out a lot of income, so he could avoid having too much tax being withheld by claiming extra exemptions. |
|
Howard L
|
You can file a W-4 and claim as many dependants as you want to but if at the end of the year if you owe $1,000 in taxes you will pay a penalty for not having enough deducted. Many people do it because they know they have expenses which fall outside the normal payroll deductions and will get a big refund Alimony, casualty loses are two examples. If you know you will be getting a large refund increase your number of dependents so you don't give the government what amounts to an interest free loan. If you get a big refund the government isn't doing you a favor. They are just returning the money you lent them. Better for you to have that money in your savings account drawing interest or paying off a high interest credit card or loan. |
|
WylieEC
 |
The short answer is yes, it is allowable to do this.
If for some reason your friend thinks too much tax is being withheld on his paycheck, then he can do this. If he underpays in on his taxes, there may be consequences, but technically yes, you can have 7 dependents on your W2/4.
This can also be affected by whether your friend is filling their taxes with itemized vs. the standard deductions, if they are running a home business, etc. There are several things that could justify this. |
|
bumblebee
 |
You can claim as many dependents as you want but at the end of the year you can only claim legal ones. AND you will probably owe the government at tax time because they didn't take enough taxes out of you. |
|
PJ
|
You can claim up to 14 (I think) on your W4 for tax withholding purposes on your paycheck. When you file your return you have to claim the correct number of dependents and you will probably end up owing taxes if you have claimed more dependents than you have during the tax year. If you claim more dependents on your W4 you have less tax withheld from your paycheck, but at the end of the year you have to pay what you owe and may even have to pay a penalty if you underpaid taxes by quite a bit. But the gov't interest rate is only 5% on underpaid taxes as long as you pay by Apr 15, so it is a cheap way to "borrow" money. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 7 minutes(s) ago
| | | |
10 | 26 minutes(s) ago
| | | |
10 | 45 minutes(s) ago
| | | |
12 | 1 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
10 | 11 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 3 day(s) ago
| | | |
10 | 2 week(s) ago
| | | |
10 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
