sho_nuff1997

iTrader: (2)

For the past 6 months, or so, I have been claiming 7 exemptions ,causing me to get no Federal and State taxes taken from my paycheck. I am a single father and in the past I had been claiming 1, and at the end of the year I would get back $3-4,000. I am not sure if I make to much to qualify for EIC. Will I get anything back this year or will I end up paying out the ass? Would it be in my best interest to go back to claiming 1 for my paychecks?

and on a side note: Is it possible to write off your car payment, insurance and gas costs?

Thanks in advance for your help!

NSXNEXT

iTrader: (2)

They are taking out NO state or federal income tax? I would be worried that the Federal Government would be on your ass very soon. I thought I read somewhere that if you falsely claim too many deductions in order to lower your taxes, you could be subject to a $500 fine.

As for writing off car expenses, it really depends on your job.

sho_nuff1997

iTrader: (2)

They take out SS, Medicare, and as far as falsely claiming, I am not. I did all the deductions by the table they have on the W4. 1 for HOH, 1 for dependent, 1 for single, 1 for myself, 1 for >$1,500 in child care, and 2 because my in come is < $57,000 and I have a child

hornyleprechaun

:ibrev: I really wish I paid more attention to tax class

ChodTheWacko

I imagine you'll be paying out the ass.
Unless something strange happened in your life, I assume you will owe, in taxes, at least as much as you owed last year. Since you aren't paying any during the year, you'll have to pay the whole thing in december.

You could always do a fake tax return - you should be able to reasonably estimate
the numbers by now. Take all the 'year to date' numbers and multiply them by 4/3s, etc.....

doopstr

<--Claims 15

revitupwriteitoff

There's nothing wrong with this...if you read over your W-4 (the form that helps you decide how many dependents to claim & the one you sign off on when you've chosen), you'll find that the worksheet on it is only a suggestion. You're more than welcome to claim as many or as few as you like w/o fear of any problems. The W-4 is only a tool to help you withhold the correct amount.

Why do you want so much back? If you fear that you're unable to save your money unless you get the big refund, then just have your employer put some of it into a separate account (savings) and don't touch it - don't order checks for it, don't keep track of it..nothing.

Read up on it if you think you qualify: EITC Being a single father will help you out quite a bit over, say, married couples w/kids or a single man w/no kids. Income thresholds for qualification for EITC

The IRS has a pretty useful tool on their website (www.irs.gov) for figuring out where you are & what you need to do to your W-4 to get as close to not owing & not getting a refund as possible - called the "Withholding Calculator". Answer all the questions as best you can & it gives you a little synopsis at the end. It's easy to use & very accurate if you don't have a complex return. It seems like you just have maybe a W-2 and perhaps bank interest, etc. If you have any questions, feel free to PM me.

It really depends on how you earn your income - if you get a W-2 from you employer (like the vast majority of non-business owners), you'll have a hard time finding a way to do it without attracting unwanted attention. Also, the amount you make has a pretty big impact on whether you'll be audited, too. Less than 1/2 of 1% of returns with an AGI under 100K are audited, though, fwiw. If you receive a 1099-MISC for your work (you're a contract worker), you probably file a Schedule C with your return & can probably get away with writing off car expenses, etc, much easier. Tell me what you do for a living & what kind of form you get from your work for better advice.

Without actual numbers (annualized income, number of kids, tax withheld ytd, etc.), it's hard to tell you whether you'll have to pay in & certainly to tell you how much.

Hope this helped.

revitupwriteitoff

you called it

revitupwriteitoff

soo..did this help? any updates?

sho_nuff1997

iTrader: (2)

i don't need the refund. i was just worried that since i am claiming so many deductions, i will have to pay all this back.

i have never had to pay in the past, but had never claimed this many deductions either.


rev thanks for the links! i think i got it down where i pay nothing. thanks!!

joerockt

I see an audit in your future. Good luck with that...