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  1. #1
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    Stupid Tax Question

    First off, I'm a single guy with no kids. My roommate tells me that I can claim one Dependant on my taxes (which would be myself). I don't think this is legit, but she says she does it every year.

    It's a difference in $1,500 on the return. Anyone know?


    I removed it.

  2. #2
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    Re: Stupid Tax Question

    She is correct...you wont get much or anything back at tax time, but that is what you want. Your not giving the govt. interest free loan. I don't mind paying a little bit.


    Last edited by 2forISU; 01-21-2010 at 08:42 PM.

  3. #3
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    Re: Stupid Tax Question

    I think as long as you are not claimed by anyone, you are alright to do this. Don't quote me though.



  4. #4
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    Re: Stupid Tax Question

    perfectly fine to do. i do it every year...




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  5. #5
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    Re: Stupid Tax Question

    Quote Originally Posted by 2forISU View Post
    She is correct...you wont get much or anything back at tax time, but that is what you want. Your not giving the govt. interest free loan. I don't mind paying a little bit.
    If it's a difference of $1500 on his return, how is he not getting anything back?


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  6. #6
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    Re: Stupid Tax Question

    Are you talking about filing a tax return, or completing a W-4 for a new job? Usually on Form W-4, you will count yourself as an allowance so that less is withheld from your paycheck.

    On your tax return, you will claim a personal exemption. Then you list your dependents under your personal exemption. You cannot claim both a personal exemption and count yourself as a dependent. Go to the IRS website, click on Forms and Publications, and then look up the instructions for the form that you're filing on (e.g. 1040).



  7. #7
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    Re: Stupid Tax Question

    I'm guessing he didn't claim anything on his w-4, but now can claim his personal deduction on his 1040. This is normal.



  8. #8
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    Re: Stupid Tax Question

    Quote Originally Posted by Clone1450 View Post
    I'm guessing he didn't claim anything on his w-4, but now can claim his personal deduction on his 1040. This is normal.
    As I said above, you claim a personal exemption. You cannot claim yourself as a dependent. And your allowances on W-4 have nothing to do with claiming your personal exemption.



  9. #9
    UVA est, ut destruatur
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    Re: Stupid Tax Question

    The key, as has been alluded to, is to make your tax withholdings as low as possible (claim your personal exemption on your W-4). No sense in giving the government an interest free loan.



  10. #10
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    Re: Stupid Tax Question

    Quote Originally Posted by Cyclonepride View Post
    The key, as has been alluded to, is to make your tax withholdings as low as possible (claim your personal exemption on your W-4). No sense in giving the government an interest free loan.
    exactly, I don't get the people that let them withhold the max and then get a big check back...


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  11. #11
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    Re: Stupid Tax Question

    When you file as a single taxpayer you get one personal exemption. You do not have any dependents.



  12. #12
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    Re: Stupid Tax Question

    Your sig pic seems odd, or something. Sorry, just an opinion.



  13. #13
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    Re: Stupid Tax Question

    Quote Originally Posted by HiltonMagic View Post
    exactly, I don't get the people that let them withhold the max and then get a big check back...
    Probably because it feels nicer to get a large check in Feb rather than the extra small amount on your paycheck.



  14. #14
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    Re: Stupid Tax Question

    Quote Originally Posted by isufbcurt View Post
    Probably because it feels nicer to get a large check in Feb rather than the extra small amount on your paycheck.
    And it really sucks when you don't have enough withheld and you have to write a check to Uncle Sam at tax time.



  15. #15
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    Re: Stupid Tax Question

    So, I'm a tax moron, when I fill out my w4 - I just do what it tells me. What should I be doing?


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