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4 Answers

Do i claim 0 or 1 on my w4?

Asked by: epondel 1354 views YA Discussion

i need help because i seriously don’t understand.

i am 24 years old, i’ve always claimed 0 and i’ve never filed taxes because my parents always claim me (i just graduated from college). this paycheck i noticed that nearly $ 100 came out for taxes, i guess i never noticed before because i didn’t make much. that’s entirely too much for me! i don’t make THAT much lol. i still live with my parents so they want to claim me, but i take care of myself and my bills otherwise and i think i should claim 1. they say that’s fine, but how can i claim me AND they claim me? i just don’t want to mess myself up. please help, and thank you so much.

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4 Answers

  1. Ring0Rosie on Oct 15, 2012 Reply

    You are right- you cannot claim yourself and have them claim you too.

    Even if you are being claimed by your parents, your income is still taxable. The information on your W-2 still needs to show up on somebody’s tax return.

    If it were me, I would grow up, move out of mommy and daddy’s house, and claim one. I would NEVER let my parents claim me and get the money that is rightfully mine. It seems like your parents just want to use your deduction to get more money themselves (which is fine if they are supporting you, but be honest, a 24 year old has been an adult for 6 years now and shouldn’t rely on mom and dad for housing anymore).

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  2. Bobbie on Oct 15, 2012 Reply

    In your past tax years when you did have EARNED that you had to work for to earn W-2 from an employer or self employed independent contractor you could your parents would NOT have been able to report your earned income on their 1040 income tax return at all.
    Age 24 and you have more than 3800 of earned income and NOT DISABLED for this purpose during this tax year 2012 then you would no longer be a qualifying child on your parents income tax return during the 2013 tax filing season for this purpose.
    W-4 Employee’s Withholding Allowance Certificate


    Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances and then sign the completed W-4 form and give it to you employer at that time for the purpose of your federal income tax withholding amounts if any would be required to be withheld depending on the amount of your GROSS income for each pay period at that time.
    And then if they should withhold any amount of $ $ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the 2013 income tax filing season and you receive your W-2 form from your employer around the middle of January 2013 and if you have a $ $ amount in the Box 2 for FIT you will get a credit for that $ $ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing during the 2013 tax filing season.
    LESS than 3800 for the 2012 tax year and your parents would still qualify to claim as a qualifying relative dependent on their 1040 income tax return.
    Hope that you find the above enclosed information useful. 10/15/2012

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  3. Bostonian In MO on Oct 16, 2012 Reply

    At your age you are no longer a dependent if your gross income for the year is $ 3,800 or more. Living at home does not make you a dependent any more, regardless of how much support that your parents might have provided for the year.

    Since you can claim your personal exemption now, you can safely claim up to 2 allowances without owing much at tax time. If you just recently started working this year, you can stay at 2 for the rest of the year safely.

    Starting next year, if you can’t stand the thought of owing up to about $ 100 at tax time, stick with 1 allowance. The total number of dollars in your pocket are the same either way, the only thing that matters is when you get those dollars — in your paycheck or at tax time. I hate lending the government money so I normally shoot for a debt of between $ 700 and $ 900 at tax time. The only exception to that is if I think that I might apply for a mortgage and need copies of tax transcripts before July or August.

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  4. tro on Oct 16, 2012 Reply

    first of all at 24 and no longer in school your parents cannot claim you(the only condition is if you attended full time school for five months of the year–obviously the 6 months’ residence is fulfilled)
    then if you claim 0 on your W-4 the maximum that can be withheld on your gross will be deducted
    you have 5.65% currently as FICA, and possibly a 1% state employee tax that is deducted
    you can go to http://www.irs.gov and find the W-4 calculator to help you

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