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quick tax question

HeavyBarrel
Why go to IRS.GOV when I can ask real folks[:D]
Heres my ? although I claim 0 dependants on my W-4 can I claim 1 on the 1040ez? Thanks.
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8 comments

Date Votes
  • ripley16
    quote:Originally posted by HeavyBarrel
    Why go to IRS.GOV when I can ask real folks[:D]
    Heres my ? although I claim 0 dependants on my W-4 can I claim 1 on the 1040ez? Thanks.I thank this is an old trick to get more money back.



    Why do ou want more money back? Don't you want it as you earn it? Your exemptions and or monthly tax payment should be calculated so that you pay nothing/ owe nothing. It's your money...why let the IRS hold it for you?
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  • kristov
    YOu can claim as many dependents on your W-4 as you please (The IRS gets interested after you list about 8 dependents) or you can claim zero, if that is what you wish to do. When it comes time to file your 1040EZ you just need to check the box listing yourself (it is on line #6a on 1040 long form) and claim your exemption. Why not just claim yourself on your W-4 and get the extra money in your paycheck every two weeks rather than having Uncle Sam hang onto it for a full year and then returning it to you...without any iterest?
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  • HeavyBarrel
    I enjoy saving accounts that collect NO intrest.
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  • tomh.
    are you muslim?
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  • HeavyBarrel
    quote:Originally posted by tomh.
    are you muslim?
    Not as far as YOU know.
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  • kristov
    One of my two partners at our firm (the MBA) told me that the average federal income tax refund runs between $2,000 to $2,500 per tax payer. When you think about the numbers of returns filed each year that is a BIG pile of money that Uncle Sam is holding onto without even saying so much as thank you. If you can figure out how to break even on your return you'll be doing better than just loaning the IRS your hard earned money every year. I am one of the guys who always ends up sending in a fat check so the concept of a refund is just wishfull thinking in the Kristov home.
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  • Cubslover
    I personally like the 5 thousand dollar check each spring. If I were to get a little each check I'd just blow it. With my big return I invest it rather than spend it.
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  • dlrjj
    There are many people who view the tax return as a form of forced savings account. Since the amount withheld tends to be rather uniform from week to week over the course of an entire year, the average length of time the Feds hold the money is 26 weeks.

    This means that the loss of income or growth, depending on the type of investment, is only 6 months worth. Saving or investing is very difficult for most people to discipline themselves to do, so the tax return, Christmas bonus checks, profit sharing, and lump sum settlements are the only monies they will ever be able to avoid spending, if then.

    In answer to your original question, you only need to be exact on the number of deductions on the return you file each year.[:)]
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