Tuesday, July 20, 2010

I'm single... if I do what the W-4 says, it would be 2 exemptions, not 1.?

Everyone tells me to put ONE exemption on form W-4, but if I do what the form says, it should be 2. Can someone explain? I'm single with one job:





A: Enter "1" for yourself if you one else can claim you as a dependant... TRUE... so I enter 1





B: Enter "1" if you are single and have only one job; or... TRUE... so I enter another 1





H: Add lines A-G and enter total here: 1+1=2





So why isnt it 2 exemptions for a single person with one job??





Should I put 1 or 2 ???

I'm single... if I do what the W-4 says, it would be 2 exemptions, not 1.?
That's correct! A single person with one job CAN claim 2 withholding allowances. At filing time you will be VERY close to even money with the IRS. You may get a tiny refund or have a tiny bill to pay, usually about $50 either way of even money. This gives you the most money in your paycheck throughout the year.
Reply:Smart move! TFTP! Report It

Reply:That's correct - if you are single and only have one job, then claiming 2 should get you very close to even for the end of the year - won't owe much, won't get much of a refund.
Reply:If you look at the bottom of the tax form were you have to check single, married, or married but claim single rate. That would be your first one then you put a 1 so your form would read single-1 that would be the 2 that you want to claim. I am unmarried and have no children but i claim this on my taxes. Plus i work as a bookkeeper so that should work out well for you.

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