Does putting dependent on my W4 matter if I have to file as Independent on my taxes?

[sharaby318]

I've always claimed as a dependent so that is what I put not thinking it may have changed. I just graduated college and made more than $7,000 a year so it looks like I will have to file as independent. How will this mistake have an impact on my tax return/ how do I fix it?

[MinhT · Accepted solution]

If you are under age 24 at the end of 2017, a full-time student and your parents provided for more than half of your support, they can still claim you as a dependent (and your education expenses). You will have to file your own tax return as you earned more than $6,350 in 2017. You will indicate on your tax return that you are claimed as a dependent by another taxpayer.

If all these above conditions are not satisfied, your parents cannot claim you as a dependent. And you will file your tax return and claim your education expenses..

What you indicate on form W-4 only serves to determine the amount of your federal tax withholding.