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AnswerJunkie | What should I claim on taxes? |
My husband and I have no children. It is just us two in the household. We both work full-time jobs. Should we both claim 1 on our dependants at work (claiming ourselves) or should we claim 0 since we don't have kids? They told me they couldn't help me with this at work, so I just need some advice!
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No I will not get a penalty for late filing. This isn't for my yearly taxes, I filed those in January. I am starting a new job and having to fill out the info for my taxes to be taken out. |
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Jay
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If you both claim zero, you will get more back at the end of the year. But you don't get interest on that money.
If only one of you claims zero, and the other claims one,,, you will have a little more to live on week to week.
If you are good at putting money into savings, you should both claim zero. Put the extra money into savings. That way you get interest.
So it all depends. If you had to PAY taxes this year, I would say you should both claim zero.
I am assuming you are referring to changing your W4 form at work. |
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Judy1
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In theory you can each claim 1, but depending on your incomes you might end up owing when you file. It would be safer to claim zero unless your incomes are pretty low. |
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v b
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The withholding calculator for 2008 is up and running at the IRS website. Grab your most recent paychecks and plug the numbers in. The calculator will give you advice as to whether your withholding is on target or not. |
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daoco
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If you both earn about the same you should each be married 1. If one of you earns a lot more than the other the lower earning spouse should claim married 0 and withhold at the higher single rate. This is because if one spouse is making $80K then you will be in the 25% bracket jointly. If the other is making $20K regular withholding will not be enough. Also if you have investment income you may need extra withholding. |
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dr-ripple
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Depends if you want to file jointly or individually. Jointly you would do 0 but if you are filing individually then I would claim a 1. |
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Deb S
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If you each claim one, you risk owing a little at the end of the year. If you each claim zero, you'll get something back. It also depends on if you own a home. The write-off of interest helps immensely. |
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Booner
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it all depends on weather you want the government to take out more money each paycheck so you can get a bigger return at the end of the year check 0 dependants. |
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NP
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You can claim whatever you want; it just depends on your personal preference. Would you rather have more money each paycheck, or do you prefer a refund at the end of the year. It really is up to you.
There are a few things to consider. If you decide to claim 0, then the government will be taking more money out in taxes with each paycheck. This means that the government will have your money to play with. They will be the ones earning interest on your money. However, this may also mean that you get a larger refund at the end of the year.
If retirement or investment money isn't a huge issue for you, then you may opt to claim 0 and receive a larger payout at the end of the year and go on a trip; buy something special; etc. Or if retirement is an issue, you can claim 1 or 2 and choose to take the "extra" money and put it towards your 401K or a Roth. The thing you want to watch out for, however, is that you don't end up owing money at the end of the year because you didn't have enough taxes taken out throughout the year.
This is what I do. I am single with no children. For the first 5 or 6 months of the year I claim 2 dependents. The additional money that is not taken out in tax goes directly towards my 401K/Roth. This way I have a little extra money put away that can earn interest throughout the year. For the last half of the year, I ask the company account to change my dependents to 0. This means that I have more taxes taken out and that at the end of the year I come out about even with the government. I usually end up getting a small refund, but never owing. This way I am the one earning interest on my money, not the government. It is important to meet with the company accountant a few times throughout the year though to make sure that you are on track and that you will not end up owing at the end of the year.
Sorry, that was a bit of a ramble. I hope it made sense. |
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Republic Con
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You can claim 0, 1 or 2.
The more exceptions you claim the more of your paycheck you will receive. But at filing time you might have to end up paying to the IRS.
These are the same exceptions you would be claiming when it is time to file your taxes.
I think it would be reasonable to claim 1. That way you won't end up paying at filing time and also you won't be lending a portion of your paycheck to the IRS. |
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Dwayne B
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Claim what you are legally allowed to, which is yourselves. |
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girlygurl23
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On your tax return, you wont claim any dependents, but for personal exemtpion you both get 1, thus if filling together, your personal exemption will be 2. |
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dutchfam7
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yikes since you are posting this after April 15 so expect a fine for late filing. But I would claim 0. Both you and your husband work so you really don't depend on each other for income. Also, why give the government more money then you need to. They just collect interest on your money that you worked hard for. You don't want a big refund at the end of the year, that just means that was money that the government used to get more money from the interest. |
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