I am currently a 20 year old full time college student. I also have a part-time job. I don’t make much money during the year with my job but I usually make around 5,000-7,000 dollars depending on how many hours I worked during the year. My income isn’t high so should I claim 0 or 1 on a form w4? I know that claiming 0 means you get more taxes deducted so I am kind of hesitant.
if you claim 0, you may have a few dollars less in your paycheck and then get it back at the end of the year as a refund. If you 1, you could owe something at the end of the year. The perfect return is to not owe any money and not get a refund.
The IRS Estimator will let you know how much you should be withholding. Tax Withholding Estimator | Internal Revenue Service (irs.gov)
So what your saying is, it’s better for me to claim 0 even though my paychecks are smaller? Does that mean I could get a refund at the end of the year?
That is what I would expect to happen. You can check the estimator anytime to see if you are on track for a refund.