topic Claiming exemptions. in Get your taxes done using TurboTax

Claiming exemptions.

Jazzyx666 — Sun, 02 Feb 2020 19:23:51 GMT

Hi. I’m new to everything taxes and am anxious to know the answer to this. I am single and claimed 0 exemptions for most of the year. However for 4 months only, I claimed 3 exemptions. When editing my W4 online it was the only box I was given to change. Will I get in trouble? What will happen? What’s the difference between exemptions, allowances, and dependents. I am single with no children. Help please!

Re: Claiming exemptions.

DianeC958 — Sun, 02 Feb 2020 20:05:15 GMT

No, you will not get in trouble. The W-4 is a form your employer keeps so they have your name, address, Social Security Number and how to calculate the amount of Federal withholding for your pay.

Under the new tax law, there are no personal exemptions, now there is a credit for every person you can claim on your return as a dependent.

Personal Exemptions were an amount that you could deduct for every person you could claim on your tax return which gave you a deduction for before Income Tax was figured

Allowances refers to the same thing of an amount to deduct from your income before tax is figured based on how many dependents you can claim on your return.

Dependents are individuals you can claim on your tax return because you provided more than 1/2 of there support during the year.

On the W-4 form by asking you if you have dependents less Federal tax would be withheld since you would receive a credit for each dependent that you can claim.

You can change the amount of Federal Withholding anytime. You can choose to have more withheld or less withheld. Then when you file your tax return if you did not have enough withheld you will have a balance due and if you had more withheld than you need to pay the tax you owe to the IRS you will receive a refund.

Link to What is a W-4 form

Re: Claiming exemptions.

Jazzyx666 — Sun, 02 Feb 2020 20:15:44 GMT

First off I would just like to say thank you for answering and giving me some peace of mind. A follow up question I have is since I put a 4 on the exemptions part of W4 (I guess that’s their version of withholding) and only received and extra $100 on each check. Will I just end up with no refund and owing the irs money back or what will happen?

Re: Claiming exemptions.

JosephF8 — Sun, 02 Feb 2020 22:11:02 GMT

An extra $100 per paycheck adds up quickly:

If paid every week $5,200 per year

If paid every 2 weeks $2,600 per year

I have no way to know if your refund was more or less than those amounts.

I would suggest using the IRS Withholding Estimator

This will help you get the proper withholding on the new W-4's

Re: Claiming exemptions.

Jazzyx666 — Sun, 02 Feb 2020 22:35:14 GMT

@JosephF8 @so it’s safe to assume I will just pay back those extra $100 on the paychecks from the 4 months I did put 3 as the exemptions? Whether it’s from my refund or out of my own pocket?

Re: Claiming exemptions.

JosephF8 — Sun, 02 Feb 2020 22:41:28 GMT

Yes that is correct.