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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Tax and dependents question
What can my DH claim on his taxes? Can he claim 4 dependents since it's him, me and 2 kids?
Also, do you think if we switched to claiming dependents from claiming 0 we would owe a lot more? I know we're not going to get money back from his job, but I didn't want to owe thousands or anything.
Thanks!
Message edited 2/7/2007 9:13:40 AM.
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Posted 2/7/07 8:45 AM  |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Tax and dependents question
He can claim four and maybe able to claim as Head of Household. As far as withholding for 9, you are not withholding taxes. It is usually better to owe the IRS then to get a huge refund because a refund is essentially a interest free loan to the gov't. I would go see an accountant to prepare your taxes. They will be better able to provide tax advice.
Message edited 2/7/2007 11:14:54 AM.
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| Posted 2/7/07 9:09 AM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: Tax and dependents question
The more dependents you claim the more money you'll see in the paycheck. Which makes it less you get back at the end of the year because your getting less taxes taken out.
I use to claim 0 and got hit with taxes in my paycheck - but got a big refund at the end of the year.
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| Posted 2/7/07 9:22 AM |
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Hershey
LIF Adolescent
Member since 1/07 557 total posts
Name:
Marci
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Re: Tax and dependents question
Posted by Tracey
The more dependents you claim the more money you'll see in the paycheck. Which makes it less you get back at the end of the year because your getting less taxes taken out.
I use to claim 0 and got hit with taxes in my paycheck - but got a big refund at the end of the year.
So what do you claim now? We got back a huge refund this year and I claim 01 and my husband has 00, I'm trying to decide what I should switch too, I dont want a huge refund, but I don't want to pay either. Turbo Tax says we should be claiming 4, I think I may go one or two below that to see how this year goes.
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| Posted 2/7/07 9:46 AM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: Tax and dependents question
I haven't had my taxes done yet, but I claim 1 - my Dh claims 4. Theres 5 of us - I also didn't work the whole year so I don't know how thats going to go. I'm assuming the refund will not be as big...not sure though.
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| Posted 2/7/07 9:50 AM |
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Hershey
LIF Adolescent
Member since 1/07 557 total posts
Name:
Marci
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Re: Tax and dependents question
Posted by Tracey
I haven't had my taxes done yet, but I claim 1 - my Dh claims 4. Theres 5 of us - I also didn't work the whole year so I don't know how thats going to go. I'm assuming the refund will not be as big...not sure though.
Thanks, well try switching it this year so I have a little less taken out and so does my husband. thanks for the info.
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| Posted 2/7/07 9:53 AM |
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-Laurie-
Hi!
Member since 5/05 2536 total posts
Name:
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Re: Tax and dependents question
We have DH as married and 05 and due to our income bracket and since I'm a SAHM it works great for us. The extra money in his pay goes to our investments.
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| Posted 2/7/07 10:06 AM |
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