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| Posted by | Message | LSUgators 
Florida Fan
Barves,Steelers, NUFC, Gators,LSU
Member since Oct 2008
1145 posts
| Rookie Tax Filing Question (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.
This post was edited on 2/27 at 11:38 pm
| | Back to top | Share on  | foshizzle 
LSU Fan
Member since Mar 2008
25135 posts
| re: Rookie Tax Filing Question (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.
| | Back to top | | Layabout 
UNO Fan
Baton Rouge
Member since Jul 2011
4477 posts
| re: Rookie Tax Filing Question (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.
| | Back to top | | LSUgators
Florida Fan
Barves,Steelers, NUFC, Gators,LSU
Member since Oct 2008
1145 posts
| re: Rookie Tax Filing Question (Posted on 2/28/13 at 7:28 am to LSUgators)
Thanks guys!
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