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CJimen | How many allowances should i claim on my W2? |
I am currently claiming 2 allowances, and i ended up oweing the IRS about 200+ dollars. I make about 13,000.. how many allowances should i claim?
Additional Details
I am single, no kids, live in my own apartment pay my own phone and all that stuff i am going on 20. |
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Arbitrage
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I assume you mean the W-4 form. You are doing just fine with 2. Stay at 2. You should be claiming what you really can deduct. You might get away with 3, but I don't have the numbers handy.
The ones who are saying to claim 0 or 1 aren't really thinking it through except for the person that mentioned spending control.
If you claim 0 or 1 when you're doing fine with 2, the government gets to keep your money interest free before returning it to you 6-18 months later. What's the point of that if you can put that money to better use? For example, they might tax an extra 100 per month from your paycheck and then 6 months later, they'll give you exactly 1200 back. There's no gain from that. As long as you withhold roughly the amount that you would have owed in taxes and it sounds like you are, there are no financial penalties from the government.
200 sounds about right if you're doing things correctly. |
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anyang2
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If you can live without the cash each week, I would claim 0 deductions and get a refund when you file your taxes. I know it's stupid letting the government have your money interest free during the year, but I can never seem to save a penny on my own so this method works for me. |
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Ananke402
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You claim yourself as 1, spouse as 1, and then count the kids. Your problem may not be your allowances, but it may be your deductions. Do you use standard or do you itemize? Are you taking advantage to all the legal ways to lower your Adjusted Gross Income? If you can't figure it out on your own (read the W4, talk to HR, read the IRS website) talk to a professional.
BTW are you contributing to a savings plan? lots of benefits there. |
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Garth
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You should stick with 2; owing $200 is not a large amount to owe. If you change to 1, then you will get money back when you file your taxes, but will have less money to use throughout the year. And remember, they don't pay you interest on that money.
Start a savings account; if you put $25 month into it, you will have $100 left over after you pay your taxes, plus the interest it's grown. Keep saving at that amount and start investing it in safer securities. Without much effort, you will be saving for the future or have money in the event of an emergency.
The government will take the same amount of money, regardless of whether you overpay throughout the year and they refund, or if you underpay throughout the year and they give you a refund. The benefit of having more money in your check is that you have more cash in hand, and are able to earn interest on the money rather than the government.
A single individual is NOT required to only have 1 exemption; that is a guideline. There are numerous factors that can affect the number of exemptions; one example is owning real estate. |
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forsythia75
 |
Visit a qualified CPA - they can personally evaluate your situation. If this is not financially feasible, take your latest pay stub and go to the IRS website. They have a great withholding calculator that will help you calculate what to claim for the rest of the year. Good luck. :)
http://www.irs.gov/individuals/article/0,,id=96196,00.html |
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Itiswhatitis
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Claim 0. I heard that when you claim during the year, you get more money on your checks but then you get less at the end of the year. And if you don't claim during the year, you get more at the end. |
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irish4u77
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You can claim up to 5 dependants...This means they will take out less taxes, but you might owe some at the end of the year...Make sure you at the end of the year you right off your gas, travel, entertainment, mileage, clothes for work this should balance it out!!
--good Luck |
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loligo1
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I would claim zero. You can always get it all back .You should NOT have to pay |
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badgalz927
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What do u mean? |
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~*~ Flutterby ~*~
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you can only claim one allouance for yourself, unles you have dependants such as kids, or ill parents. |
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Rusty
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1 |
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Turok
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not sure but good question |
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posymouse
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If you mean the W-4 form you fill out when you are hired, claim zero. All it does is take more out of you in taxes during the year.
I actually go one step further and have them withold another $12/ week, and increase it when I get a raise. I don't know if this is recommended, but it works for me.
Keep in mind, laws may be different depending on where you live. If you have an accountant do your taxes or have an IRS office in your area, talk to them. Believe it or not, they do try to be helpful. |
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<*}}}>{
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1 |
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besoseda
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It depends on your situation--are you single, married, have any dependents? The allowances you claim on your W-4 only determine how much money will be withheld from your pay by your employer. It doesn't change the tax you will owe when you file in April. If you don't want to owe the IRS, either claim what you are entitled to or less (for example, if you are married and have 2 kids, claim either 4 or less). Generally you will either break even or get money back. If you are single with no dependents and claiming 2, you are not having enough withheld from your salary to cover the taxes you will owe at the end of the year. |
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Steve
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First you mean your W-4. Since you only owed the IRS about
$200, then you are doing just fine by keeping your money and paying the IRS later. It seems to me that you need to keep all of the money that you can from your paycheck. If you are looking for a refund, then only claim 1. Your refund should be about $200 for this year and about $400 next year assuming that your income doesn't change dramatically. |
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just_the_facts_ma'am
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You didn't say what state you're in; if you follow the link below, you'll see some paycheck calculators that may help |
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vegas baby
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try 1. you may not have to pay or even 0. thats what i have |
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B's Girl
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If you claim one, you might end up paying next year. If you can 0 there will be more taxes coming out of your check but u probably wont be owing next year. For the record they are called "exemptions" An allowance is when you ask your employer to take out an amount in addition to your regular federal taxes. If you are a student you might want to look into education credits and itemizing to lower your taxable income (Your tax professional should tell you about this) !! |
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The Last Patriot
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As many as pleases the government. IRS has siezed billions of dollars of property and rendered thousands of Americans homeless because they weren't pleased with the amount of tax they recieved.... be careful. The U.S. government will hurt you. |
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G. M.
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Ask your employer, for a W-4, read it, answer the questions on it...then claim what it tells you. or, just lower your dependents to one |
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Leo
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Who gives a *#%@ if the government has your money interest free? I prefer the benefit of having the forced savings (essentially) and getting the check at the beginning of the year. |
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