Did I screw up when claiming dependents?

[Dougie_D]

I claimed NONE. Did I do that right? I think majority of my co-workers claimed 1?

[agent1607307371]

You don't have kids or a wife, so no, you did the right thing.

[shes2smart]

In the US, on your W-4 form, most single & childless folks can claim either 1 (claiming themselves) or 0 dependents.

 

If you claim 0, they withhold more income tax. If you claim 1, you will see a little more in each paycheck over the course of the year.

 

If you are getting a big income tax refund check when you file your taxes, you may want to change your W-4. Your employer's HR dept can give you another form & update their payroll records.

 

If you have someone who fills out your tax returns for you, run it by them and see what they say.

 

I have nearly always claimed 0 because I have nearly always had freelance income in addition to income from employers. The "extra" that was taken out of my job wages for taxes completely covered or helped cover the taxes I owed on the freelance income.

[capilot]

Do you mean exemptions or dependents? You have zero dependents, but you still get one exemption for yourself IIRC.

[chitown9]

It does not really matter if you claim 0 or 1, Dougie. You will get more money back from IRS if you claim 0, but you will have more taxes taken out of your paycheck. If you claim 1 you will see more money on your paycheck, but your refund will be less. It all works out the same in the end....chi

[Dougie_D]

Cool. Thanks guys!