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New Member
posted May 31, 2019 4:52:26 PM

Should I claim a dependent on my paycheck or will it hurt my tax return?

<p>I got a raise last week, and i make around 90 hours a week in the summer, but now with the raise i've had $700 come out of my paychecks, and im thinking about adding a dependent to my paycheck.</p><p>I currently am claiming single on my paycheck, but I have a family of four.Obviously something needs to change, but I dont want to owe when I file taxes.</p>

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1 Best answer
Alumni
May 31, 2019 4:52:28 PM

With the exception of how much is withheld the number of allowances on your paycheck has no effect on your tax return.  The more allowances (dependents) the less withheld and the smaller your refund at the end of the year.  However, you want the smallest refund possible.  That's because you're getting the money early during the year in your paycheck, not loaning it to the Government and getting it back later.

5 Replies
Alumni
May 31, 2019 4:52:28 PM

With the exception of how much is withheld the number of allowances on your paycheck has no effect on your tax return.  The more allowances (dependents) the less withheld and the smaller your refund at the end of the year.  However, you want the smallest refund possible.  That's because you're getting the money early during the year in your paycheck, not loaning it to the Government and getting it back later.

New Member
May 31, 2019 4:52:29 PM

But what if you don't mind that you don't get it during the year and prefer to get it at the end for a larger tax return?

Level 15
May 31, 2019 4:52:34 PM

Here is a link to an IRS calculator you can use to determine how many withholding allowances to claim: http://apps.irs.gov/app/withholdingcalculator/

New Member
Jan 7, 2025 6:45:58 AM

If you receive more in your paycheck throughout the year will you end up paying the IRS at the end of the tax season? The reason I have not used my dependents is to get the bigger return and NOT to have to pay at the end of the year. Is it best to use 6 months of the year claiming my dependents on my paycheck and the other half not so I won't have to pay at the end of the year?

Level 15
Jan 7, 2025 6:53:12 AM

@lmcguire85 I am providing you with a link to the W-4 calculator that should help you complete a new W-4 for your employer.

 

https://turbotax.intuit.com/tax-tools/calculators/w4/ 

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf