Stupid Tax Question

[rworkman83]

First off, I'm a single guy with no kids. My roommate tells me that I can claim one Dependant on my taxes (which would be myself). I don't think this is legit, but she says she does it every year.

It's a difference in $1,500 on the return. Anyone know?

[2forISU]

She is correct...you wont get much or anything back at tax time, but that is what you want. Your not giving the govt. interest free loan. I don't mind paying a little bit.

[cycfan1]

I think as long as you are not claimed by anyone, you are alright to do this. Don't quote me though.

[huskerman]

perfectly fine to do. i do it every year...

[GeronimusClone]

She is correct...you wont get much or anything back at tax time, but that is what you want. Your not giving the govt. interest free loan. I don't mind paying a little bit.

If it's a difference of $1500 on his return, how is he not getting anything back?

[GoCubsGo]

Are you talking about filing a tax return, or completing a W-4 for a new job? Usually on Form W-4, you will count yourself as an allowance so that less is withheld from your paycheck.

On your tax return, you will claim a personal exemption. Then you list your dependents under your personal exemption. You cannot claim both a personal exemption and count yourself as a dependent. Go to the IRS website, click on Forms and Publications, and then look up the instructions for the form that you're filing on (e.g. 1040).

[Clone1450]

I'm guessing he didn't claim anything on his w-4, but now can claim his personal deduction on his 1040. This is normal.

[GoCubsGo]

I'm guessing he didn't claim anything on his w-4, but now can claim his personal deduction on his 1040. This is normal.

As I said above, you claim a personal exemption. You cannot claim yourself as a dependent. And your allowances on W-4 have nothing to do with claiming your personal exemption.

[Cyclonepride]

The key, as has been alluded to, is to make your tax withholdings as low as possible (claim your personal exemption on your W-4). No sense in giving the government an interest free loan.

[HiltonMagic]

The key, as has been alluded to, is to make your tax withholdings as low as possible (claim your personal exemption on your W-4). No sense in giving the government an interest free loan.

exactly, I don't get the people that let them withhold the max and then get a big check back...

[CyCloned]

When you file as a single taxpayer you get one personal exemption. You do not have any dependents.

[mkadl]

Your sig pic seems odd, or something. Sorry, just an opinion.

[isufbcurt]

exactly, I don't get the people that let them withhold the max and then get a big check back...

Probably because it feels nicer to get a large check in Feb rather than the extra small amount on your paycheck.

[MNclone]

Probably because it feels nicer to get a large check in Feb rather than the extra small amount on your paycheck.

And it really sucks when you don't have enough withheld and you have to write a check to Uncle Sam at tax time.

[GeronimusClone]

So, I'm a tax moron, when I fill out my w4 - I just do what it tells me. What should I be doing?