TAX question- Claiming ONE Single... Will you owe money?

i have an income tax question. my boyfriend is single (of course) and lives in an apartment. he therefore has no house and owns no property for a tax write-off nor does he have any write-offs that are work related. he gets to claim his 2 kids on his taxes every other year. this year he does not get to claim them. he grosses about $35,000 per year. last year he claimed ZERO single (and got to claim his 2 kids) so he got a $4000 tax return. this year he changed his filing status to ONE single and does not get to claim his kids. If someone in his situation and income bracket claims ONE single, will they owe taxes at the end of the year?? We are hoping that he will at least break even and not owe anything...

TAX question- Claiming ONE Single... Will you owe money?
Yes.
Reply:Before, If his kids are under 17, he was able to claim the $1000 tax creadit per kid. Additionaly, before he would have 2 dependncy exemptions from his AGI equal to $6,600. Before he was able to claim Head of Houshold status which allowed him a $7,550 standerd deduction now he will take a standerd deduction of about $5,050. So with 35,000 AGI and no itimized deductions.


he will have a taxable income off 26,650 [35,000-5050(standerd deuction)-3300(persnol exemption)]. So on the first 7,550 tax is 10% or 755 on the next 19,100 you pay 15% or 2865. So in total he will owe $3,620(755+2865). If he still had the kids he might of been entitiled to a refund.
Reply:Well, that's a tough question. He should max out his 401K contributions because you don't pay tax on that money until you take it out, when supposedly you're in a lower tax bracket. If he isn't eligible for a 401K plan, then he should look into an IRA. Good luck.
Reply:I claimed single before and didn't have to pay in. My boyfriend has claimed single many times and has never paid in. I thing he did single, head of household. Sometimes he even had to pay more taxes due to a lay off and still broke even. However I have not seen the new tax books or forms yet. If you have one or even one from last year fill out the ez (easy) form it is pretty simple. I hope this helps you some.
Reply:Fill out the worksheet that comes with the W-4