If i claim 0 all year and then a child and myself when i file, is that how i get the most back on my refund
Im currently claimin 0 on my w4, i rent a home, i dont own a car, so when i file for my refund, i will claim myself an my child, is this a smart move to get the most back?
033761
3 Replies
xmasbaby0
Level 15
Jun 3, 2019 4:28:12 PM
It may get you a bigger refund, but you are essentially giving the IRS an interest free loan all year.
Texas Roger
Level 15
Jun 3, 2019 4:28:14 PM
Claiming 0 allowances on your W-4 does not guarantee that you will receive a refund. For example, if you have several different jobs during the year, it is likely that not enough tax will be withheld to get a refund even if you claim 0 allowances on each job. You can use this calculator to help you estimate your situation: <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/w4/">https://turbotax.intuit.com/tax-tools/calculators/w4/</a>
Critter
Level 15
Jun 3, 2019 4:28:15 PM
Yes, if you want to pump up your refund that is the way to do it.