Question

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TAX ?

By Snuffy09 ·
"A Enter ?1? for yourself if no one else can claim you as a dependent"

I was told i should file Married/single rate and 0 to avoid owing taxes next year. If i enter 1 for line A i obviously wont be able to file M and 0 i would be M and 1. Is it ok to write 0 in line A no one else can claim me as a dependent?

thanks for reading my non tech post

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All Answers

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Do you mean the W4?

by IC-IT In reply to TAX ?

If so, the W4 only determines your withholding status/amount. 0 claimed means they keep more and (hopefully) you get more back. personnally I like to owe a little bit, because I am the keeper of my monies. :-)

The actual 1099 you use allows you to correctly file your status/taxes.

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Snuffy???

by shasca In reply to TAX ?

I hope you are just "askin cause" here. CPA's seem to be few and far between on TR. It would be wise to hire the appropriate experts that do indeed deal with taxation (with representation).

No dissing intended, just want you to CYA. :)

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yes, just asking

by Snuffy09 In reply to Snuffy???

out of curiosity

i haven't had to fill out a w4 for years until now because of the stupid "stimulus" from the government screwing with my with holdings i owe money now. so i have to increase my with holdings.

I wasnt getting very far with google so i figured what the heck why not ask here. Im not the first to ask a non tech question.

thanks

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Doh!

by Ron K. In reply to yes, just asking

The W-4! Ignore my reply below. I need to pay better attenti

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Withholding

by TheChas In reply to yes, just asking

As to if you have to change your W4 to increase your withholding depends on how much you owed in taxes and your will-power to have money set aside.

Personally, unless you are at risk for a penalty for under-withholding, it is ALWAYS better to owe on April 15th than to get any refund.

Any refund you get is an interest free loan that you made to the government.

Any tax you owe is money that you had to use, invest or at least hold at no cost to you.

Even if you just place the extra money you will need on April 15th into a savings account you still get the interest on that money. (Yeah I know you also get to pay taxes on the interest income.)

Just watch the rules on penalties so that you don't end up paying extra.

Chas

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The IRS has a fine website.

by Ron K. In reply to TAX ?

I thought tax software came with decent help-files too. Hmmmm. <br>
We've been using the same accountant for 10 or 11 years. He caught a mistake made by H&R Block. It has made getting this new accountant free for the next 20 years.<br>
We just saw him today. Sixty-five bucks for 20 minutes and it was a more complicated joint-return than usual.<br>
The **** with doing taxes by ourselves. No way!

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