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HomeOff Topics › Claiming exempt on taxes?
02-01-2010 09:41 PM  8 years agoPost 1
sincity

rrVeteran

Pasco, WA

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Heya,

With all my deductions I typically end up getting just about all of my federal taxes back at the end of the year, minus about $500. Can I claim exempt on my W2 and just have them hold out enough to cover that $500? I'd rather be putting the money in my savings than have them hold on to it.

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02-01-2010 11:06 PM  8 years agoPost 2
PJRono

rrKey Veteran

Minnesota, Ya!

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I wish that were my case!

If you skip me I can't play!

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02-01-2010 11:24 PM  8 years agoPost 3
sincity

rrVeteran

Pasco, WA

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House payment, three kids, a wife that stays home. This too could be yours! Oh, and not making over 6 figures helps too, or sucks depending on how you look at it.

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02-01-2010 11:42 PM  8 years agoPost 4
SilverEagle2

rrNovice

Utah

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You could always up your exemptions. I have the same situation but I still pay more than $500.00. What is your secret. What are you writing off that I have not thought of. (legal of course)

Wait..what!?!?! No, that can't be!

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02-01-2010 11:48 PM  8 years agoPost 5
JEEPWORLD2002

rrKey Veteran

BLUEBELL PA USA

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you could always pay quaterly and have no federal withheld ?? my buddy has a tax guy and some how alway ends up paying nothing. just submits tons of recipts, well up till he got laid off last yr. guess his unemployment takes care of taxes up front. i have had to pay for last 3 yrs

Trex600n Trex500 Mikado LoGo5003d// Hacker, CastleCreations,Ys 50, JR 7703d/8900, Radix

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02-02-2010 12:23 AM  8 years agoPost 6
sincity

rrVeteran

Pasco, WA

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I'd assume that the child tax credit and the wife not working are the big ones. And of course all that freakin' interest I'm paying on the house. I'll get an exact number, but I know it isn't much more than $500. All legal too. As far as http://www.taxactonline.com tells me anyways.

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02-02-2010 02:32 PM  8 years agoPost 7
PJRono

rrKey Veteran

Minnesota, Ya!

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I got the house payment, 1 kid, and a wife that works part-time. No six figures here! But the standard deduction is still more than all my interest combined!

If you skip me I can't play!

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02-03-2010 03:51 AM  8 years agoPost 8
GimbalFan (RIP)

rrProfessor

Big Coppitt Key, FL

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You can change your W-4 status to any number of 'dependents' that suits the amount you want withheld. The only time you have to be factual about your dependents or exempt status is on your income tax return.

EDIT: Corrected W-2 to W-4. The W-4 is what an employee fills out and gives his employer, which can be changed to suit one's withholding needs. The W-2 is what your employer gives you in January for filling out your tax return.

op-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-t

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02-03-2010 05:30 PM  8 years agoPost 9
sincity

rrVeteran

Pasco, WA

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Ahh now that would make sense to me. ^^^^

I would also imagine if you had to pay a large sum at the end of the year because you claimed too many, they may frown on that. But as it is, they are giving me back over $4800 every year now for the last 3.

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02-03-2010 10:23 PM  8 years agoPost 10
SilverEagle2

rrNovice

Utah

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On your W-4 you can claim as many exemptions (they are not dependents) as you like.

Some exemptions are counted for your dependents, but other things can be factored in. I have not changed mine for a while but I calculated an exemption for each 3k I pay in interest, an exemption for each chunk of charitable contribution I give, etc.

I am WAY over my number of dependents on my claimed exemptions and I still get a little back. Very little.

Wait..what!?!?! No, that can't be!

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