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Salinye
Tax Payer
Posts: 1
(12/31/03 12:11 am)


 Question on dependents...
Once again we are getting a HUGE return this year. Probably somewhere around 7 thousand dollars. This is frustrating to me because that is 500 dollars a month we could have instead of giving Uncle Sam an interest free 7k loan! I have been told that you can claim up to 99 dependents. We will be buying a house that closes in February, so I know that helps too.

My question is: How can I figure out exactly how many dependents is the perfect number for us to claim so that at the end of the year we are only getting a little bit of money back. I want to maximize how much money we get from my husband's paychecks each month.

Any information would be greatly appreciated. :0)

Thank you very much!

~Salinye



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Arthur Rubin 
Tax Payer
Posts: 61
(1/8/04 5:31 pm)


 Re: Question on dependents...
Quote:
My question is: How can I figure out exactly how many dependents is the perfect number for us to claim so that at the end of the year we are only getting a little bit of money back. I want to maximize how much money we get from my husband's paychecks each month.


Well, first, it's the number of withholding exemptions you want to claim, rather than the number of dependents. I assume you know how many dependents you have.

And the W-4 instructions aren't bad. It should be noted that if you claim more than 10 exemptions, your (husband's) employer has to report the claim to the IRS. The IRS can recalculate your W-4 if they think it unwarranted.

bmcper 
CEO/Auditor
Posts: 266
(1/9/04 1:49 pm)


 Re: Question on dependents...
Dependants equals the total number of people in the household. Mother, Father, children, etc. This is the amount that you claim on your 1040 tax return.

To stay within a good boundry where you do not owe and you won't get huge refunds, you should claim between you and your husband (if both of you work) 1 to 2 exemptions less than this number on your w-4.

Bernadette's Corner, Too!

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