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Message
Rookie Tax Filing Question
Posted on 2/27/13 at 11:36 pm
Posted on 2/27/13 at 11:36 pm
Does the number of exemptions/allowances listed on my W-2 (2, single no dependants) have to match the number of exemptions i come up with when I fill out my 1040 form (1)?
Also, why could I be getting this discrepancy?
TIA.
Also, why could I be getting this discrepancy?
TIA.
This post was edited on 2/27/13 at 11:38 pm
3
Posted on 2/27/13 at 11:43 pm to LSUgators
No.
The number you claim on the W-2 is just a way to estimate what your withholding should be. I have no dependents at all but I've claimed 6 on my W-2 for over a decade now b/c it gets my withholding amount in the right range so that by 4/15 I only owe a small bit, which is all that matters.
The number you claim on the W-2 is just a way to estimate what your withholding should be. I have no dependents at all but I've claimed 6 on my W-2 for over a decade now b/c it gets my withholding amount in the right range so that by 4/15 I only owe a small bit, which is all that matters.
Posted on 2/28/13 at 2:58 am to LSUgators
The number of dependents you claim on your W-4 is a proxy for the amount of taxes to be withheld from your check. If you claim the standard deduction on your return, the withholding will come very close to your actual tax liability. But if your tax liability is reduced by itemizing deductions you can increase the number of exemptions to get a corresponding reduction in your withholding.
Posted on 2/28/13 at 7:28 am to LSUgators
Thanks guys!
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