 Why do I need to be 25? |
Why do I need to be 25 to be eligible to claim the Earned Income Tax Credit, this upsets me very much. because I made $6,000, in 2008.this makes sad,
Additional Details
I do not have ... |
|
 TAX HELP!!!!!!!!!!!!!!!? |
ok! Here it is.
I am 20. Husband is 21. I didn't work at all this year. No kids. Reside in Ohio.
His total earnings were 46,000
Federal taxes witheld-5,404
state-1323.6... |
|
 WHERE CAN I GO TO FILE MY 2002 TAX RETURN? |
| i have filed each year but some how i didn't file my 2002 taxes. i contacted the IRS and they provided my w-2 wage and tax statement. what do i do now? i don't know where to go to file it. ... |
|
 When will I be audited because my child's father claimed our daughter after I did? |
| I filed my taxes in February and, as per our agreement, I claimed my daughter on my taxes. Well, her father got an extension and filed in Oct. But he claimed her as well. He has his own business ... |
|
 What doesn't count as own support? |
| My daughter is now mad I claimed her as a qualifying child, she meets all the requirements, the point of the argument is she's paying for all her own stuff. She is speaking of things basically ... |
|
 Claiming items on eBay after wins? |
| When you win an item, do you need to claim it right away or can you wait. Sometimes, the auctions I participate in, end at night when I am fast asleep and I usually don't see them until the next ... |
|
 I lost my PAN card. how do i get a new one ? |
| I read on a website that FIR,application form,proof of idendity and addres have to be given. so is the FIR police complaint lodged for loss of card ? and if the procedure smooth or its troublesome to ... |
|
 How do my federal taxes change when I have kids? |
Please bear with me. I'm a bit slow on understanding our tax system. It's a bit confusing to me for some reason.
We are planning on starting a family in the future and I wanted ... |
|
 If I did not work in 2007 do I still need to do my taxes? |
| I was not able to work at all in 2007 due to the health of my baby boy who was born 3 months early and has had many health issues. I had some myself this year as well. I have no income to report ... |
|
 Someone claimed me as a dependent on their tax return.....and I'm 28!? |
| Hello. I recently discovered that I have been claimed as a dependent by an unknown person on their tax return. Now I typically file my own taxes each year without the use of services. Usually an ... |
|
 How much money can I make on garage sales before I have to report it on my income tax? |
| And also, how much money could one get, say as a gift from a friend, before it must be reported on income tax?... |
|
 Can I deduct my rent over $500 a month on my taxes? |
| Can I deduct the portion that is over the $500 a month? If my rent is $625 a month, can I deduct the $125 a month from my taxes?... |
|
|  |
nicolette8 | I am a single mom of 4 and I just filled a w2 for a new job and the total on line H, adds up to 11 exemptions? |
i am being totally honest. A) no one claims me for a dependent so that is 1.
B) I am single with one job so that is 1.
C) doesn't qualify for me b/c i don;t have a spouse so that is 0.
D) I support my 4 children, ages 7,11,16,18(he's a student) so that adds up to 4.
E) I am head of house hold so that is another 1(b/c i am a single mom)
F) I don't have child or depend care expenses so that is 0.
G) I make less than 58,000 a yr way less more like 27,000 so i get child tax credit for two and it says on the w4 to put 2 for each child tax credit if u make less than 58,000, so i have 2 children that apply to this my 7 and 11 yr old so that adds up to 4. a total on line
H) for 11exemptions, my friends are scaring me saying that is to much and i am confused, b/c that is the truth, I don't know what to do, help. |
 |
 
ninasgramma
|
What you should do is put any number from 4 to 8, or if you did not owe tax last year, you may put EXEMPT. No taxes will be taken out of your pay. You owe no taxes based on your income.
Do not put 11, that requires your employer to do extra paperwork which in your case is meaningless. |
|
SG
|
Based on the information you are providing, 11 exemptions sounds about right.
Actually, if you make $27K and get a $1000 tax credit for two children, you will have no income tax liability at all. So don't let it bother you if little (or no) income taxes are being withheld from your check.
< edit >
I ignored earned income credit completely in my answer. You very well may get a refund (in the $4,000 range) once that is considered...even if NOTHING is withheld. You can have some of that added to your paycheck during the year in the form of advanced EIC...the payroll or HR dept where you work should be able to help you with that.
This is based on your making a total income of $27K...is that what you make?
Also, contrary to what someone said, putting 11 on your W4 does not cause more work for your employer. There used to be a rule that would require W4's with high allowances to be sent in to the IRS...that rule no longer exists. |
|
acmeraven
|
$ 27,000 minus $ 7,950 for head of household standard deduction leaves 19,050; take away 17,250 for yourself and 4 children; this leave 1,800 which has $ 181.00 in tax owed. On 27,000 you have $ 2,276 (at least) in EIC; plus you will have $ 2,000 or more in CTC. Thusly you will have over $ 4,000 in refund due after the tax is taken out. This means the 11 is A-okay. Have a wonderful day. |
|
Judy1
|
Sounds right. You aren't likely to get a big refund, but you'll have the extra in your paycheck - it's the same amount of money, the only thing that changes is when you get it. |
|
DJ
|
acmerave... seems to have the correct calculations.
One way to figure out where you will be at is to work through the calculations using a 2007 tax return and your projected 2008 figures. If this estimate shows that you will owe no taxes in 2008, and 11 exemptions results in no taxes withheld, then you will be OK. |
|
gobonzzo
 |
You did not fill out a W2, you filled out a W-4 form. The number you claim on the W-4 Form is NOT a number of exemptions or dependents, it is a number of Withholding Allowances, which is not the same as exemptions or dependents. A withholding allowance is a number used by your employer to deduct a certain amount for federal taxes from your paycheck. You can fill out a new W-4 Form any time you want. The higher the number on your W-4 the lower the amount withheld from your pay. If you claim 0 the maximum will be withheld. If you had no federal income tax liability in the prior year and expect your situation to be similar for the current tax year, you may claim 'Exempt' and have nothing withheld.
Your friends do not understand the purpose of a W-4 Form and have no idea what the number means. The purpose is to arrive at a number which will determine how much is withheld from your pay so when it is time to file taxes you will not have any real tax or refund due.
I once wanted to claim 99 on my W-4 from way back before computers. The bookkeeper blew a gasket because her chart only went up to 10, so I had to settle for ten. You can do whatever you want, but you must live with whatever you do, but if it is not right, you can always change it. |
|
Jackie
 |
you wont have many taxes taken out of your paycheck and when you file your taxes your return wont be as high because of you claimin all 11 exemptions. i think you should reconsider putting 11 on your w-2 you dont have to fill those out honestly as you did. i am a single mom with one child and i only claim 1 on my w-2 you would be better off just claiming your children so you wont have to owe tax money. or you could just claim yourself. w-2's are just to determine how much taxes they will need to take out of your check. I highly reccommend changing it |
|
1-800badcredit
|
You can declare as much (or as little) as you like. The number you put in the box relates to a "tax table" for Federal and State withholding. in other words, what they take out of your paycheck and send to the IRS and state TOWARDS your income taxes.
The higher the number the less money they take out. More money in your pocket each week - nice! But, if on your normal yearly taxes you can't declare 11, you're probably going to come up short and OWE next year. If you think that's alright then declare the 11 and keep the money in your pocket right now.
You're friends are just cautioning you because if you are withholding 11 they will take out very little towards your income taxes. Which means you could end up owing $2,000 or more next year. Unless you own a home, have kids in college, etc. - in other words significant deductions!
Good luck to you! |
|
RunAmuk4Fun
|
The worksheet is an example to use, but doesn't have to be exact. You can file for 11 if you want to, but depending upon what other tax items you have (other income, credits, etc), you may end up owing taxes at the end of the year.
Use a past job where you ended up not owing a bunch as a guideline for whether you should use the 11 figure or not. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 33 minutes(s) ago
| | | |
10 | 1 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 1 week(s) ago
| | | |
9 | 1 month(s) ago
| | | |
9 | 5 month(s) ago
| | | |
9 | 7 month(s) ago
| | | |
9 | 9 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
